DraftKings (NASDAQ:DKNG) Price Target Raised to $50.00

DraftKings (NASDAQ:DKNG) had its target price increased by Barclays from $45.00 to $50.00 in a report released on Monday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other analysts also recently issued reports on DKNG. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. UBS Group upped their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, JMP Securities boosted their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.64.

DraftKings Stock Performance

DraftKings stock opened at $41.14 on Monday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The stock has a market cap of $36.14 billion, a P/E ratio of -46.75 and a beta of 1.82. The stock has a 50 day moving average of $38.15 and a 200-day moving average of $37.94.

DraftKings (NASDAQ:DKNG) last released its earnings results 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 return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, analysts expect that DraftKings will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on 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 transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock worth $39,966,465 in the last three months. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently modified their holdings of DKNG. Vanguard Group Inc. raised its stake in shares of DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Marshall Wace LLP increased its holdings in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the last quarter. FMR LLC raised its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after acquiring an additional 441,975 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.