Barclays Raises DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its target price raised by equities research analysts at Barclays from $52.00 to $54.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 24.71% from the stock’s current price.

Several other brokerages have also recently issued reports on DKNG. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 price objective on shares of DraftKings in a research report on Thursday, March 28th. Benchmark raised their target price on shares of DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Wells Fargo & Company upped their price target on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Finally, Mizuho initiated coverage on shares of DraftKings in a research report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price target on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.07.

DraftKings Stock Performance

Shares of DKNG opened at $43.30 on Monday. 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 52-week low of $22.65 and a 52-week high of $49.57. The company has a 50-day simple moving average of $43.66 and a 200-day simple moving average of $39.03. The company has a market capitalization of $37.53 billion, a PE ratio of -36.69 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period last year, the business posted ($0.87) earnings per share. Equities research analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold a total of 1,086,101 shares of company stock worth $45,903,509 in the last three months. 48.94% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several large investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $7,975,000. Deutsche Bank AG increased its position in shares of DraftKings by 169.1% during the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after acquiring an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of DraftKings in the third quarter worth about $209,000. Schonfeld Strategic Advisors LLC boosted its holdings in DraftKings by 27.6% in the third 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 last quarter. Finally, Arizona State Retirement System grew its stake in DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.