DraftKings (NASDAQ:DKNG) Price Target Raised to $52.00

DraftKings (NASDAQ:DKNG) had its price target lifted by Barclays from $50.00 to $52.00 in a research note published on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the stock. Truist Financial reissued a buy rating and set a $55.00 price target (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. UBS Group raised their price objective on DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Oppenheimer raised their price objective on DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. BNP Paribas cut DraftKings from a neutral rating to an underperform rating and set a $28.00 price objective on the stock. in a research note on Friday, January 19th. Finally, Susquehanna raised their price objective on DraftKings from $51.00 to $54.00 and gave the stock a positive rating in a research note on Monday, March 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, DraftKings presently has a consensus rating of Moderate Buy and a consensus price target of $47.00.

DraftKings Stock Down 2.3 %

DKNG stock opened at $40.68 on Friday. DraftKings has a twelve month low of $20.26 and a twelve month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $35.25 billion, a P/E ratio of -23.25 and a beta of 1.86. The firm has a 50 day simple moving average of $43.79 and a 200-day simple moving average of $38.05.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results 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 company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted ($0.53) EPS. The firm’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, equities research analysts predict that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

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 shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was 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 in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders sold 1,396,101 shares of company stock valued at $58,121,509 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the business. AJ Wealth Strategies LLC acquired a new stake in DraftKings during the 1st quarter worth about $306,000. MetLife Investment Management LLC acquired a new stake in DraftKings during the 1st quarter worth about $387,000. Panagora Asset Management Inc. raised its holdings in DraftKings by 49.0% during the 1st quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock worth $584,000 after buying an additional 9,866 shares during the period. Cibc World Market Inc. raised its holdings in DraftKings by 26.2% during the 1st quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock worth $423,000 after buying an additional 4,512 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in DraftKings by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock worth $963,000 after buying an additional 1,270 shares during the period. 37.70% of the stock is currently owned by institutional investors.

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.