Barclays Cuts DraftKings (NASDAQ:DKNG) Price Target to $43.00

DraftKings (NASDAQ:DKNG) had its target price decreased by Barclays from $53.00 to $43.00 in a report released on Monday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. The Goldman Sachs Group cut their price objective on shares of DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a research report on Monday. BMO Capital Markets cut their price objective on shares of DraftKings from $54.00 to $48.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a buy rating and issued a $60.00 price objective on shares of DraftKings in a research report on Monday. Finally, Jefferies Financial Group boosted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of Moderate Buy and a consensus price target of $49.25.

DraftKings Trading Down 4.0 %

Shares of NASDAQ DKNG opened at $30.14 on Monday. The company’s fifty day moving average is $37.34 and its 200-day moving average is $40.87. The stock has a market cap of $26.20 billion, a price-to-earnings ratio of -25.54 and a beta of 1.81. DraftKings has a twelve month low of $25.41 and a twelve month high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. Equities research analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the transaction, the insider now owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the transaction, the insider now owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,183,546 shares of company stock worth $46,745,617. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors have recently bought and sold shares of the business. Transcendent Capital Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $26,000. Montag A & Associates Inc. bought a new stake in DraftKings in the 4th quarter valued at about $29,000. LRI Investments LLC bought a new stake in DraftKings in the 1st quarter valued at about $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings in the 1st quarter valued at about $33,000. Finally, Concord Wealth Partners lifted its holdings in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.