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

by · The Markets Daily

DraftKings (NASDAQ:DKNG – Get Free Report) had its target price upped by investment analysts at Barclays from $45.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 20.51% from the company’s current price.

DKNG has been the topic of a number of other research reports. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. JMP Securities lifted their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Truist Financial reiterated a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Finally, Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $50.44.

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DraftKings Price Performance

NASDAQ:DKNG traded up $1.36 during mid-day trading on Monday, reaching $41.49. The stock had a trading volume of 2,767,647 shares, compared to its average volume of 10,323,009. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The stock has a market capitalization of $36.45 billion, a PE ratio of -47.07 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50-day simple moving average of $37.66 and a two-hundred day simple moving average of $37.91.

DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, equities analysts anticipate that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’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 of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in the business. Moors & Cabot Inc. grew its holdings in DraftKings by 2.4% during the third quarter. Moors & Cabot Inc. now owns 28,180 shares of the company’s stock worth $1,105,000 after buying an additional 650 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in DraftKings by 10.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 31,860 shares of the company’s stock worth $1,249,000 after acquiring an additional 2,978 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares in the last quarter. Commerce Bank raised its holdings in shares of DraftKings by 56.0% in the third quarter. Commerce Bank now owns 22,809 shares of the company’s stock valued at $894,000 after purchasing an additional 8,185 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of DraftKings during the third quarter valued at about $349,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

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.

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