Barclays Cuts DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its price objective lowered by research analysts at Barclays from $54.00 to $53.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 42.66% from the company’s current price.

A number of other research firms have also weighed in on DKNG. Oppenheimer cut their target price on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Monday, July 1st. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Wednesday, June 12th. The Goldman Sachs Group initiated coverage on shares of DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 target price for the company. Benchmark boosted their price target on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Finally, UBS Group upped their target price on DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five 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 $49.14.

DraftKings Stock Up 1.4 %

Shares of DraftKings stock opened at $37.15 on Wednesday. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57. The company has a 50-day moving average of $39.83 and a 200 day moving average of $40.64. The firm has a market cap of $32.29 billion, a price-to-earnings ratio of -31.48 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business’s revenue was up 52.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.87) EPS. As a group, sell-side analysts anticipate that DraftKings will post -0.26 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. Insiders sold 1,520,340 shares of company stock valued at $60,996,583 over the last quarter. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently added to or reduced their stakes in the company. Winthrop Advisory Group LLC boosted its holdings in DraftKings by 2.4% in the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares in the last quarter. ST Germain D J Co. Inc. lifted its stake in shares of DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after buying an additional 250 shares during the period. Sfmg LLC lifted its stake in shares of DraftKings by 3.9% in the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares during the period. Fifth Third Bancorp lifted its stake in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after buying an additional 331 shares during the period. Finally, Cornerstone Wealth Management LLC raised its position in DraftKings by 4.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares in the last quarter. 37.70% of the stock is 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.