DraftKings (NASDAQ:DKNG) Price Target Raised to $54.00 at BMO Capital Markets

DraftKings (NASDAQ:DKNG) had its target price lifted by analysts at BMO Capital Markets from $51.00 to $54.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective indicates a potential upside of 24.71% from the company’s previous close.

Several other equities analysts have also commented on the company. Wells Fargo & Company upped their price target on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Truist Financial reaffirmed a “buy” rating and issued a $55.00 target price (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Barclays lifted their price objective on shares of DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Bank Of America (Bofa) boosted their price objective on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Finally, The Goldman Sachs Group started coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.07.

DraftKings Stock Down 1.7 %

DKNG opened at $43.30 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a fifty-two week low of $22.65 and a fifty-two week high of $49.57. The company has a fifty day moving average of $43.66 and a two-hundred day moving average of $39.03. The stock has a market capitalization of $37.53 billion, a price-to-earnings ratio of -36.69 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.87) EPS. On average, research analysts expect that DraftKings will post -0.24 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,086,101 shares of company stock worth $45,903,509. 48.94% of the stock is owned by insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Highlander Capital Management LLC boosted its holdings in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $26,000. Montag A & Associates Inc. acquired a new position in DraftKings during the fourth quarter worth $29,000. LifeSteps Financial Inc. bought a new position in DraftKings in the 1st quarter worth $33,000. Finally, Concord Wealth Partners boosted its holdings in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares during the period. 37.70% of the stock is currently owned by 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.