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

DraftKings (NASDAQ:DKNG) had its price objective increased 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 equities research analysts also recently issued reports on the company. Benchmark upped their price target on DraftKings from $50.00 to $52.00 and gave the stock a buy rating in a report on Friday. Stifel Nicolaus raised shares of DraftKings from a hold rating to a buy rating and lifted their price objective for the stock from $40.00 to $45.00 in a report on Friday, January 19th. Morgan Stanley increased their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Needham & Company LLC restated a buy rating and set a $58.00 price target on shares of DraftKings in a report on Friday. Finally, BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a buy rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $44.07 on Monday. 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 50-day moving average price of $43.66 and a 200-day moving average price of $39.03. DraftKings has a 1 year low of $22.65 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last released 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). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. DraftKings’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.87) EPS. On average, sell-side analysts anticipate that DraftKings will post -0.24 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $29,543,509.06. Following the sale, 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 sold 1,086,101 shares of company stock worth $45,903,509 over the last quarter. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of DraftKings during the first quarter valued at about $434,000. Oppenheimer & Co. Inc. increased its holdings in DraftKings by 18.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 118,905 shares of the company’s stock worth $5,399,000 after acquiring an additional 18,838 shares during the period. Empowered Funds LLC purchased a new stake in DraftKings in the 1st quarter worth approximately $241,000. Envestnet Portfolio Solutions Inc. boosted its holdings in DraftKings by 10.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,982 shares of the company’s stock valued at $771,000 after purchasing an additional 1,648 shares during the period. Finally, Duality Advisers LP grew its position in shares of DraftKings by 9.7% during the 1st quarter. Duality Advisers LP now owns 87,963 shares of the company’s stock valued at $3,994,000 after purchasing an additional 7,794 shares in the last quarter. Institutional investors 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.