DraftKings (NASDAQ:DKNG) Given New $45.00 Price Target at Barclays

DraftKings (NASDAQ:DKNG) had its price target boosted by research analysts at Barclays from $43.00 to $45.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 14.56% from the stock’s current price.

A number of other brokerages have also recently commented on DKNG. Guggenheim dropped their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Monday, September 23rd. Susquehanna raised their price objective on DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company cut their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

DraftKings Price Performance

NASDAQ:DKNG opened at $39.28 on Friday. The business’s 50-day moving average is $35.82 and its 200 day moving average is $39.23. DraftKings has a 12 month low of $25.73 and a 12 month high of $49.57. The company has a market capitalization of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.81. 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 issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the firm earned ($0.17) EPS. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities research analysts forecast that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at $66,939,834. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. 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 1,195,301 shares of company stock worth $45,355,362. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings during the 1st quarter worth approximately $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $26,000. Concord Wealth Partners increased its holdings in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its holdings in DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after buying an additional 498 shares during the period. 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.