DraftKings (NASDAQ:DKNG) Price Target Raised to $50.00 at Barclays

DraftKings (NASDAQ:DKNG) had its price objective hoisted by Barclays from $45.00 to $50.00 in a report issued on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on DKNG. UBS Group lifted their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. JMP Securities upped their price objective on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday. Stifel Nicolaus restated a “buy” rating and issued a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Finally, Morgan Stanley lifted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.48.

DraftKings Stock Performance

NASDAQ DKNG opened at $41.79 on Monday. The business has a 50-day moving average price of $37.83 and a 200-day moving average price of $37.92. The firm has a market cap of $36.71 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC acquired a new position in shares of DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd purchased a new stake in DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings in the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC acquired a new position in DraftKings in the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new position in DraftKings during the 3rd quarter worth approximately $46,000. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.