Barclays Cuts DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its target price decreased by Barclays from $54.00 to $53.00 in a research report sent to investors on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their price objective on shares of DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a report on Tuesday, June 25th. BTIG Research lifted their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a buy rating in a report on Monday, May 6th. JMP Securities reaffirmed a market outperform rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. BMO Capital Markets lifted their price objective on shares of DraftKings from $51.00 to $54.00 and gave the company an outperform rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $55.00 price objective on shares of DraftKings in a report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $49.64.

DraftKings Trading Up 1.9 %

Shares of DraftKings stock opened at $37.86 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a fifty day moving average price of $39.75 and a 200 day moving average price of $40.66. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57. The stock has a market cap of $32.91 billion, a PE ratio of -32.08 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the business earned ($0.87) EPS. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. Equities research analysts predict that DraftKings will post -0.26 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on 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 owns 3,043,231 shares in the company, valued at $124,498,580.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,520,340 shares of company stock worth $60,996,583. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Large investors have recently added to or reduced their stakes in the business. Highlander Capital Management LLC increased its stake in DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new stake in DraftKings during the 4th quarter worth approximately $26,000. Montag A & Associates Inc. purchased a new stake in DraftKings during the 4th quarter worth approximately $29,000. LRI Investments LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $31,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $33,000. 37.70% of the stock is 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.