DraftKings (NASDAQ:DKNG) PT Raised to $45.00

DraftKings (NASDAQ:DKNG) had its target price hoisted by stock analysts at Barclays from $43.00 to $45.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 14.56% from the company’s previous close.

DKNG has been the subject of several other reports. BMO Capital Markets dropped their target price on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Oppenheimer cut their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Monday, September 23rd. Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, Benchmark lifted their price target on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.81.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $39.28 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $35.82 and a 200-day moving average price of $39.23. The company has a market cap of $34.14 billion, a price-to-earnings ratio of -33.29 and a beta of 1.81. DraftKings has a 12 month low of $25.73 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) EPS. The business’s revenue was up 26.2% on a year-over-year basis. As a group, equities analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,195,301 shares of company stock valued at $45,355,362. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares during the period. Marshall Wace LLP lifted its position in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of DraftKings by 8.3% during the 2nd 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 period. Lord Abbett & CO. LLC grew its stake in shares of DraftKings by 20.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after acquiring an additional 663,427 shares during the period. Finally, AQR Capital Management LLC increased its holdings in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.