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

DraftKings (NASDAQ:DKNG) had its price target raised by analysts at Barclays from $50.00 to $60.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 12.17% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. Truist Financial lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday. Morgan Stanley raised their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, TD Cowen reduced their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Three investment 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.80.

DraftKings Stock Up 15.2 %

DKNG stock opened at $53.49 on Tuesday. The company has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61. The firm’s 50-day moving average is $40.76 and its two-hundred day moving average is $38.89.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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, analysts forecast that DraftKings will post -0.95 earnings per share for the current fiscal year.

Insider Activity at DraftKings

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DKNG. Vanguard Group Inc. boosted its holdings in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after purchasing an additional 707,504 shares in the last quarter. FMR LLC boosted its stake in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the period. Janus Henderson Group PLC increased its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after buying an additional 89,988 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.