DraftKings (NASDAQ:DKNG) Price Target Cut to $48.00 by Analysts at Barclays

DraftKings (NASDAQ:DKNG) had its target price cut by Barclays from $50.00 to $48.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on DKNG. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. TD Cowen decreased their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Benchmark upped their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Jefferies Financial Group set a $60.00 price target on shares of DraftKings and gave the stock a “buy” rating in a report on Sunday, April 13th. Finally, Truist Financial decreased their price target on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.04.

DraftKings Price Performance

DraftKings stock opened at $37.93 on Monday. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s 50 day simple moving average is $35.37 and its 200 day simple moving average is $39.31. The company has a market cap of $33.49 billion, a price-to-earnings ratio of -35.78, a PEG ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts forecast that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now directly owns 601,520 shares of the company’s stock, valued at $19,417,065.60. The trade was a 8.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,681,079 shares of company stock valued at $112,941,617 over the last 90 days. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after acquiring an additional 707,504 shares during the last quarter. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC raised its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Finally, Baillie Gifford & Co. raised its holdings in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

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.