Barclays Boosts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its target price increased by equities research analysts at Barclays from $45.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 19.88% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the company. Oppenheimer decreased their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. JMP Securities upped their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday. UBS Group lifted their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.64.

DraftKings Price Performance

DraftKings stock opened at $41.71 on Monday. The firm has a fifty day moving average of $37.83 and a 200-day moving average of $37.92. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $36.64 billion, a P/E ratio of -48.18 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. As a group, analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock valued at $39,966,465 in the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. LRI Investments LLC bought a new position in DraftKings during the 1st quarter valued at $31,000. Alta Advisers Ltd bought a new position in DraftKings during the second quarter valued at about $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings during the second quarter valued at about $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings in the second quarter worth about $46,000. Finally, V Square Quantitative Management LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $46,000. Institutional investors and hedge funds 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.