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

DraftKings (NASDAQ:DKNG) had its target price lifted by analysts at Barclays from $50.00 to $52.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 27.83% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Wells Fargo & Company boosted their target price on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Susquehanna boosted their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. Truist Financial reaffirmed a “buy” rating and set a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. BMO Capital Markets boosted their target price on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Finally, Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.00.

DraftKings Price Performance

Shares of DraftKings stock opened at $40.68 on Friday. The firm has a fifty day simple moving average of $43.79 and a 200-day simple moving average of $37.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 1-year low of $20.26 and a 1-year high of $49.57. The stock has a market capitalization of $35.25 billion, a price-to-earnings ratio of -23.25 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 in the previous year, the firm posted ($0.53) earnings per share. DraftKings’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, sell-side analysts expect that DraftKings will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were 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 in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were 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 in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the SEC, which can be accessed 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 transaction, the insider now owns 2,291,406 shares in the company, valued at approximately $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 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in DraftKings during the 4th quarter valued at about $7,975,000. Deutsche Bank AG lifted its position in DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC acquired a new position in DraftKings during the 3rd quarter valued at about $209,000. Schonfeld Strategic Advisors LLC lifted its position in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Arizona State Retirement System increased its stake in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares during the last quarter. 37.70% of the stock is currently 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.