DraftKings (NASDAQ:DKNG) Price Target Increased to $52.00 by Analysts at Barclays

DraftKings (NASDAQ:DKNG) had its target price increased by Barclays from $50.00 to $52.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 25.24% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Piper Sandler boosted their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their target price on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Needham & Company LLC boosted their target price on shares of DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Finally, UBS Group boosted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $47.00.

DraftKings Stock Down 0.3 %

DKNG stock traded down $0.12 during mid-day trading on Friday, hitting $41.52. 2,616,178 shares of the company were exchanged, compared to its average volume of 11,737,472. The company has a market capitalization of $35.98 billion, a PE ratio of -23.79 and a beta of 1.86. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a twelve month low of $20.26 and a twelve month high of $49.57. The firm has a fifty day simple moving average of $43.84 and a 200 day simple moving average of $37.84.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 prior year, the business earned ($0.53) earnings per share. DraftKings’s revenue was up 43.9% on a year-over-year basis. On average, research analysts forecast that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on 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 transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were 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. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of DraftKings by 6.0% during 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 in the last quarter. Whale Rock Capital Management LLC acquired a new position in shares of DraftKings during the 2nd quarter worth $215,687,000. Jericho Capital Asset Management L.P. lifted its stake in shares of DraftKings by 39.4% in 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 purchasing an additional 2,022,000 shares during the last quarter. Geode Capital Management LLC boosted its holdings in DraftKings by 3.2% in the first quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company’s stock worth $115,425,000 after purchasing an additional 184,476 shares in the last quarter. Finally, Norges Bank acquired a new position in DraftKings during the fourth quarter worth $192,140,000. 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.