DraftKings (NASDAQ:DKNG) Given New $54.00 Price Target at BMO Capital Markets

DraftKings (NASDAQ:DKNG) had its price target raised by equities researchers at BMO Capital Markets from $51.00 to $54.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 21.79% from the stock’s current price.

Several other research firms have also weighed in on DKNG. Truist Financial reissued a “buy” rating and set a $55.00 price objective (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Moffett Nathanson lifted their price objective on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Mizuho began coverage on DraftKings in a report on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price on the stock. BNP Paribas lowered DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price on the stock. in a report on Friday, January 19th. Finally, Benchmark raised their target price on DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.10.

DraftKings Stock Performance

NASDAQ:DKNG traded up $2.52 during trading hours on Monday, reaching $44.34. 4,233,881 shares of the stock were exchanged, compared to its average volume of 11,631,148. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a 50 day simple moving average of $43.58 and a 200-day simple moving average of $38.92. DraftKings has a 52 week low of $22.65 and a 52 week high of $49.57. The stock has a market capitalization of $38.43 billion, a P/E ratio of -37.58 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its 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). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.87) EPS. As a group, sell-side analysts forecast that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The stock was 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 $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’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 value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. 48.94% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in the business. Winthrop Advisory Group LLC raised its position in shares of DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after acquiring an additional 244 shares during the last quarter. ST Germain D J Co. Inc. raised its position in shares of DraftKings by 26.3% during the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after acquiring an additional 250 shares during the last quarter. Fifth Third Bancorp raised its position in shares of DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after acquiring an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after buying an additional 341 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after buying an additional 379 shares in the last quarter. 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.