Barclays Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective dropped by Barclays from $60.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 46.84% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Stifel Nicolaus dropped their price target on DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.08.

DraftKings Trading Up 1.7 %

Shares of DraftKings stock opened at $34.05 on Tuesday. The business has a fifty day simple moving average of $38.30 and a 200-day simple moving average of $39.58. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $30.07 billion, a price-to-earnings ratio of -32.12, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities analysts forecast that DraftKings will post 0.64 EPS for the current fiscal year.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares in the company, valued at approximately $19,417,065.60. The trade was a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,628,302 shares of company stock valued at $111,145,088. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Janus Henderson Group PLC increased its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the period. Norges Bank bought a new position in shares of DraftKings during the 4th quarter worth about $276,328,000. FMR LLC raised its position in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Baillie Gifford & Co. bought a new stake in shares of DraftKings in the fourth quarter valued at about $246,765,000. Finally, Eminence Capital LP acquired a new stake in DraftKings during the fourth quarter worth about $65,255,000. 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.