DraftKings (NASDAQ:DKNG) Price Target Increased to $52.00 by Analysts at Barclays

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

A number of other research analysts also recently commented on DKNG. Mizuho began coverage on shares of DraftKings in a research report on Tuesday, March 26th. They issued a buy rating and a $58.00 price objective for the company. Moffett Nathanson lifted their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Oppenheimer lifted their target price on shares of DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Finally, BNP Paribas downgraded shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price for the company. in a report on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $47.00.

DraftKings Stock Performance

Shares of DKNG opened at $40.68 on Friday. The firm has a 50-day moving average of $43.79 and a 200-day moving average of $37.92. DraftKings has a one year low of $20.26 and a one year high of $49.57. The company has a market cap of $35.25 billion, a PE 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 (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the business earned ($0.53) EPS. The business’s revenue was up 43.9% on a year-over-year basis. As a group, equities analysts forecast that DraftKings will post -0.25 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,596,101 shares of company stock worth $65,685,509. 51.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in the stock. Silverlake Wealth Management LLC acquired a new position in DraftKings during the 1st quarter worth approximately $344,000. Allspring Global Investments Holdings LLC increased its position in DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. Miracle Mile Advisors LLC acquired a new position in DraftKings during the 1st quarter worth approximately $341,000. Winthrop Advisory Group LLC increased its position in DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares in the last quarter. Finally, First Dallas Securities Inc. increased its position in DraftKings by 8.6% during the 1st quarter. First Dallas Securities Inc. now owns 46,800 shares of the company’s stock worth $2,125,000 after purchasing an additional 3,725 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.