DraftKings (NASDAQ:DKNG) Given New $54.00 Price Target at Barclays

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

Several other brokerages have also issued reports on DKNG. Bank Of America (Bofa) increased their price objective on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Wells Fargo & Company raised their price target on DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. JMP Securities reiterated a market outperform rating and set a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Piper Sandler increased their price objective on DraftKings from $40.00 to $50.00 and gave the stock an overweight rating in a report on Tuesday, February 13th. Finally, Needham & Company LLC reiterated a buy rating and issued a $58.00 target price on shares of DraftKings in a research note on Friday, May 3rd. 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.com, the company presently has an average rating of Moderate Buy and a consensus price target of $49.07.

DraftKings Stock Performance

DraftKings stock opened at $42.81 on Monday. The firm’s 50 day simple moving average is $43.69 and its 200-day simple moving average is $39.15. The company has a market cap of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a fifty-two week low of $22.65 and a fifty-two week high of $49.57.

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

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its position in shares of DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after acquiring an additional 2,022,000 shares in the last quarter. Norges Bank acquired a new stake in shares of DraftKings during the 4th quarter valued at about $192,140,000. Ameriprise Financial Inc. boosted its position in shares of DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after acquiring an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 21.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after acquiring an additional 781,058 shares in the last quarter. 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.