DraftKings (NASDAQ:DKNG) Price Target Raised to $50.00

DraftKings (NASDAQ:DKNG - Get Free Report) had its price target increased by analysts at Barclays from $45.00 to $50.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target points to a potential upside of 15.71% from the company's current price.

DKNG has been the subject of several other research reports. The Goldman Sachs Group decreased their price target on DraftKings from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Monday, August 5th. Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. Needham & Company LLC restated a "buy" rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday. Benchmark restated a "buy" rating and issued a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Finally, Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.48.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $3.08 on Monday, hitting $43.21. The company's stock had a trading volume of 18,475,017 shares, compared to its average volume of 10,395,026. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market capitalization of $37.96 billion, a price-to-earnings ratio of -48.10 and a beta of 1.82. The stock's 50-day moving average is $37.66 and its two-hundred day moving average is $37.91. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, equities research analysts forecast that DraftKings will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings 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 completion of the sale, the insider now owns 2,678,082 shares of the company's stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DKNG. LRI Investments LLC acquired a new position in DraftKings during the first quarter valued at approximately $31,000. Alta Advisers Ltd acquired a new position in shares of DraftKings during the second quarter worth $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings during the second quarter worth $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings during the second quarter worth $46,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of DraftKings during the third quarter worth $46,000. 37.70% of the stock is currently 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.