DraftKings (NASDAQ:DKNG) Price Target Raised to $54.00

DraftKings (NASDAQ:DKNG) had its price target boosted by BMO Capital Markets from $51.00 to $54.00 in a research note released on Monday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. Oppenheimer boosted their price target on shares of DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Mizuho began coverage on shares of DraftKings in a research note on Tuesday, March 26th. They set a buy rating and a $58.00 price target for the company. UBS Group boosted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Wells Fargo & Company boosted their price target on shares of DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and a consensus price target of $49.07.

DraftKings Price Performance

Shares of DraftKings stock opened at $42.81 on Monday. The firm has a market cap of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87. DraftKings has a twelve month low of $22.65 and a twelve month high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm’s 50-day simple moving average is $43.69 and its 200-day simple moving average is $39.15.

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

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 48.94% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Several institutional investors have recently added to or reduced their stakes in the company. Highlander Capital Management LLC lifted its position in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings in the fourth quarter valued at about $29,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings during the 1st quarter valued at about $33,000. Finally, Concord Wealth Partners boosted its position in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. 37.70% of the stock is currently 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.