Barclays Cuts DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its price objective reduced by Barclays from $54.00 to $53.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the company. Oppenheimer lowered their price target on DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a research report on Monday, July 1st. Wells Fargo & Company lowered their price target on DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research report on Tuesday, June 25th. Moffett Nathanson boosted their price target on DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, March 28th. Stifel Nicolaus reaffirmed a buy rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, July 5th. Finally, The Goldman Sachs Group started coverage on DraftKings in a report on Tuesday, April 16th. They set a buy rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and an average target price of $49.64.

DraftKings Stock Up 1.9 %

Shares of DraftKings stock opened at $37.86 on Wednesday. The business’s 50 day simple moving average is $39.75 and its 200 day simple moving average is $40.66. DraftKings has a 52-week low of $25.41 and a 52-week high of $49.57. The firm has a market cap of $32.91 billion, a PE ratio of -32.08 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its 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). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted ($0.87) EPS. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, analysts predict that DraftKings will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at $116,339,704.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at $116,339,704.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold 1,520,340 shares of company stock worth $60,996,583 over the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Large investors have recently bought and sold shares of the company. Highlander Capital Management LLC increased its position in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the last quarter. LRI Investments LLC purchased a new stake in DraftKings in the first quarter worth $31,000. LifeSteps Financial Inc. purchased a new position in shares of DraftKings in the first quarter valued at $33,000. Transcendent Capital Group LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $26,000. Finally, Concord Wealth Partners lifted its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.