Barclays Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective upped by Barclays from $45.00 to $50.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on DKNG. The Goldman Sachs Group decreased their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Wells Fargo & Company boosted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.64.

DraftKings Trading Up 0.4 %

NASDAQ DKNG opened at $41.88 on Monday. The stock has a market cap of $36.79 billion, a PE ratio of -47.59 and a beta of 1.82. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The company’s 50-day moving average price is $38.00 and its 200-day moving average price is $37.91. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued 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 company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts forecast that DraftKings will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was 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 of the company’s stock, valued at approximately $94,402,390.50. This 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 accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 in the last 90 days. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Global Retirement Partners LLC lifted its holdings in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the period. Hexagon Capital Partners LLC lifted its holdings in DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares during the period. Creative Financial Designs Inc. ADV grew its stake in shares of DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the period. Brown Lisle Cummings Inc. increased its holdings in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after purchasing an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its stake in shares of DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after purchasing an additional 329 shares during the period. 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.