Barclays Boosts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its target price increased by research analysts at Barclays from $45.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 19.88% from the company’s previous close.

Several other research firms have also recently commented on DKNG. Benchmark restated a “buy” rating and set a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Wells Fargo & Company boosted their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Susquehanna raised their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Performance

Shares of DKNG opened at $41.71 on Monday. The company’s 50 day simple moving average is $37.83 and its 200-day simple moving average is $37.92. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The firm has a market cap of $36.64 billion, a PE ratio of -48.18 and a beta of 1.82. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, equities analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Large investors have recently added to or reduced their stakes in the business. LRI Investments LLC acquired a new position in shares of DraftKings during the 1st quarter valued at about $31,000. Alta Advisers Ltd acquired a new position in DraftKings during the second quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the second quarter worth approximately $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at $46,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.