DraftKings (NASDAQ:DKNG) Price Target Increased to $54.00 by Analysts at Barclays

DraftKings (NASDAQ:DKNG) had its price objective raised by Barclays from $52.00 to $54.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on DKNG. Benchmark boosted their price target on shares of DraftKings from $50.00 to $52.00 and gave the company a buy rating in a report on Friday. BTIG Research boosted their target price on DraftKings from $53.00 to $55.00 and gave the company a buy rating in a research note on Monday. JPMorgan Chase & Co. reaffirmed an overweight rating and set a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Needham & Company LLC reissued a buy rating and issued a $58.00 price target on shares of DraftKings in a research note on Friday. Finally, Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Two investment 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 stock. According to MarketBeat, DraftKings currently has an average rating of Moderate Buy and an average target price of $49.07.

DraftKings Stock Up 5.4 %

Shares of NASDAQ DKNG opened at $44.07 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a one year low of $22.65 and a one year high of $49.57. The business has a 50-day moving average price of $43.66 and a two-hundred day moving average price of $39.03.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the company earned ($0.87) earnings per share. DraftKings’s revenue for the quarter was up 52.7% compared to the same quarter last year. As a group, equities analysts expect that DraftKings will post -0.24 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s 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 transaction, the insider now directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. In the last quarter, insiders sold 1,086,101 shares of company stock worth $45,903,509. 48.94% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Several large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in DraftKings in the fourth quarter worth about $192,140,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $107,276,000. Ameriprise Financial Inc. raised its stake in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in DraftKings in the third quarter valued at approximately $91,790,000. Finally, First Trust Advisors LP grew its holdings in DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the period. 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.