Barclays Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price raised by Barclays from $50.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research analysts have also recently commented on the company. Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday. Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Truist Financial lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.69.

DraftKings Price Performance

Shares of DraftKings stock opened at $51.49 on Tuesday. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market capitalization of $25.11 billion, a P/E ratio of -58.51, a PEG ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The business’s fifty day moving average price is $40.96 and its 200 day moving average price is $39.03.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, research analysts anticipate that DraftKings will post -0.95 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,163,742 shares of company stock valued at $47,082,888. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. Raiffeisen Bank International AG acquired a new position in shares of DraftKings during the fourth quarter worth approximately $25,000. Stonebridge Financial Group LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $30,000. Finally, Synergy Investment Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $37,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.