Barclays Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG) had its price target lifted by equities researchers at Barclays from $50.00 to $60.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 12.17% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group increased their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday. TD Cowen reduced their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.80.

DraftKings Stock Up 15.2 %

DKNG stock opened at $53.49 on Tuesday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm’s fifty day moving average is $40.76 and its 200 day moving average is $38.89. The firm has a market cap of $26.08 billion, a PE ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, research analysts forecast that DraftKings will post -0.95 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,163,742 shares of company stock worth $47,082,888. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. Janus Henderson Group PLC lifted its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the period. Norges Bank purchased a new position in DraftKings in the fourth quarter valued at about $276,328,000. FMR LLC raised its holdings in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the fourth quarter worth $246,765,000. Finally, Eminence Capital LP acquired a new position in DraftKings in the 4th quarter worth $65,255,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.