DraftKings (NASDAQ:DKNG) Price Target Raised to $54.00

DraftKings (NASDAQ:DKNG) had its price target upped by Barclays from $52.00 to $54.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. UBS Group boosted their price objective on DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Susquehanna lifted their target price on DraftKings from $54.00 to $56.00 and gave the company a positive rating in a research report on Monday, April 29th. Wells Fargo & Company lifted their target price on DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research report on Tuesday, February 20th. Piper Sandler lifted their target price on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley lifted their target price on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of Moderate Buy and a consensus price target of $49.07.

DraftKings Stock Performance

NASDAQ DKNG opened at $42.81 on Monday. The stock’s fifty day moving average is $43.69 and its two-hundred day moving average is $39.15. The firm has a market capitalization of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a fifty-two week low of $22.65 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share 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 analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period last year, the firm posted ($0.87) EPS. On average, research analysts anticipate that DraftKings will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 48.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Norges Bank acquired a new position in shares of DraftKings during the 4th quarter worth about $192,140,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings in the 3rd quarter valued at about $107,276,000. Ameriprise Financial Inc. boosted its position in shares of DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the period. Lord Abbett & CO. LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at about $91,790,000. Finally, First Trust Advisors LP boosted its position in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 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.