Barclays Cuts DraftKings (NASDAQ:DKNG) Price Target to $48.00

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Barclays from $50.00 to $48.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

DKNG has been the topic of several other reports. BTIG Research reduced their price target on DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. TD Securities decreased their price target on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. JMP Securities set a $57.00 price objective on shares of DraftKings in a research note on Wednesday, April 2nd. Guggenheim decreased their target price on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Monday. Finally, Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $38.25 on Monday. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market capitalization of $33.77 billion, a P/E ratio of -36.08, a P/E/G ratio of 1.43 and a beta of 1.89. The company’s 50-day moving average is $35.30 and its 200 day moving average is $39.29. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its 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 48.13% and a negative net margin of 10.64%. On average, sell-side analysts expect that DraftKings will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,691,079 shares of company stock worth $111,885,917. Insiders own 47.08% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. lifted its stake in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC bought a new position in shares of DraftKings in the 4th quarter worth approximately $874,000. Highland Capital Management LLC bought a new position in shares of DraftKings in the 4th quarter worth approximately $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after purchasing an additional 6,059 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.