Barclays Boosts DraftKings (NASDAQ:DKNG) Price Target to $52.00

DraftKings (NASDAQ:DKNG) had its price objective increased by Barclays from $50.00 to $52.00 in a research report report published on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. Needham & Company LLC raised their target price on shares of DraftKings from $54.00 to $58.00 and gave the company a buy rating in a research note on Wednesday, March 27th. Bank Of America (Bofa) lifted their price target on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. JPMorgan Chase & Co. reissued an overweight rating and set a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. BMO Capital Markets lifted their price target on shares of DraftKings from $43.00 to $51.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Finally, JMP Securities reissued a market outperform rating and set a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of Moderate Buy and an average price target of $47.00.

DraftKings Trading Down 2.3 %

Shares of DKNG opened at $40.68 on Friday. The firm’s 50 day simple moving average is $43.79 and its 200 day simple moving average is $37.92. The company has a market capitalization of $35.25 billion, a P/E ratio of -23.25 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 1-year low of $20.26 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.53) earnings per share. Sell-side analysts forecast that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock worth $65,685,509 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the business. Highlander Capital Management LLC grew its position in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new stake in DraftKings during the 4th quarter valued at about $26,000. O Dell Group LLC purchased a new stake in DraftKings during the 4th quarter valued at about $28,000. Montag A & Associates Inc. purchased a new stake in DraftKings during the 4th quarter valued at about $29,000. Finally, Massmutual Trust Co. FSB ADV grew its position in DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.