DraftKings (NASDAQ:DKNG) Stock Price Expected to Rise, Barclays Analyst Says

DraftKings (NASDAQ:DKNG) had its price objective increased by Barclays from $50.00 to $60.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the company. Truist Financial lifted their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. TD Cowen lowered their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group boosted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.69.

DraftKings Stock Performance

NASDAQ DKNG opened at $49.44 on Tuesday. The company has a market cap of $24.22 billion, a P/E ratio of -46.64, a P/E/G ratio of 2.06 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50-day moving average of $41.30 and a two-hundred day moving average of $39.18. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. As a group, analysts anticipate that DraftKings will post 0.46 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the 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 sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,160,591 shares of company stock worth $46,945,158 in the last 90 days. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in DraftKings by 4.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after purchasing an additional 707,504 shares during the period. FMR LLC lifted its position in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after buying an additional 89,988 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.