Barclays Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG - Get Free Report) had its target price boosted by research analysts at Barclays from $50.00 to $60.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 31.67% from the company's previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday. Stifel Nicolaus increased their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, December 13th. Finally, JMP Securities reissued a "market outperform" rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average target price of $53.69.

DraftKings Trading Down 7.8 %

NASDAQ DKNG traded down $3.87 during trading on Tuesday, hitting $45.57. The company had a trading volume of 16,259,512 shares, compared to its average volume of 10,188,783. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company's fifty day moving average is $41.41 and its 200-day moving average is $39.28. The company has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.93. DraftKings has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts predict that DraftKings will post 0.49 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,160,591 shares of company stock valued at $46,945,158. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC purchased a new position in DraftKings during the third quarter worth $28,028,000. Janney Montgomery Scott LLC boosted its stake in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock worth $14,826,000 after buying an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock worth $124,470,000 after buying an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after buying an additional 350,215 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.