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

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Barclays from $54.00 to $53.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the stock. BMO Capital Markets upped their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock an outperform rating in a research report on Monday, May 6th. JPMorgan Chase & Co. reiterated an overweight rating and set a $55.00 target price on shares of DraftKings in a report on Thursday, March 28th. Oppenheimer cut their price target on DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a research note on Monday, July 1st. Morgan Stanley lifted their price objective on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, The Goldman Sachs Group started coverage on DraftKings in a research note on Tuesday, April 16th. They issued a buy rating and a $60.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $49.14.

DraftKings Trading Down 0.3 %

Shares of DKNG opened at $36.64 on Wednesday. DraftKings has a 1-year low of $25.41 and a 1-year high of $49.57. The firm has a market capitalization of $31.85 billion, a price-to-earnings ratio of -31.05 and a beta of 1.81. The firm’s 50-day moving average price is $39.95 and its 200-day moving average price is $40.67. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51.

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

Insiders Place Their Bets

In related news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,520,340 shares of company stock worth $60,996,583. Company insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Highlander Capital Management LLC grew its position in shares of DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in DraftKings in the 4th quarter worth approximately $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $29,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the 1st quarter worth approximately $31,000. Finally, LifeSteps Financial Inc. purchased a new position in shares of DraftKings in the first quarter valued at $33,000. 37.70% of the stock is owned by 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.