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

DraftKings (NASDAQ:DKNG) had its target price boosted by Barclays from $50.00 to $52.00 in a research note issued to investors on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Morgan Stanley increased their price target on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Needham & Company LLC lifted their price objective on shares of DraftKings from $54.00 to $58.00 and gave the stock a buy rating in a research report on Wednesday, March 27th. Piper Sandler increased their target price on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, February 13th. Susquehanna increased their price objective on DraftKings from $51.00 to $54.00 and gave the stock a positive rating in a research note on Monday, March 25th. Finally, Wells Fargo & Company upped their target price on DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of Moderate Buy and a consensus target price of $47.00.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $40.55 on Friday. The firm’s 50-day simple moving average is $43.72 and its 200 day simple moving average is $38.14. The stock has a market cap of $35.14 billion, a P/E ratio of -23.17 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a fifty-two week low of $20.26 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released 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). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the company earned ($0.53) earnings per share. The business’s revenue for the quarter was up 43.9% on a year-over-year basis. Equities analysts expect that DraftKings will post -0.25 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,396,101 shares of company stock worth $58,121,509. 48.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently made changes to their positions in DKNG. Norges Bank acquired a new position in DraftKings in the fourth quarter valued at about $192,140,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings in the third quarter valued at $107,276,000. Ameriprise Financial Inc. raised its holdings in shares of DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after buying an additional 3,444,107 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in DraftKings during the 3rd quarter worth about $91,790,000. Finally, First Trust Advisors LP grew its stake in shares of DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.