BTIG Research Boosts DraftKings (NASDAQ:DKNG) Price Target to $55.00

DraftKings (NASDAQ:DKNG) had its price target increased by BTIG Research from $53.00 to $55.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Benchmark upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the company a buy rating in a research note on Friday, May 3rd. Barclays upped their target price 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. Piper Sandler upped their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, February 13th. Wells Fargo & Company upped their target price on shares of DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research note on Tuesday, February 20th. Finally, BNP Paribas cut shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price on the stock. in a research note on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $49.07.

DraftKings Stock Performance

Shares of DraftKings stock opened at $42.81 on Monday. The stock has a market cap of $37.10 billion, a price-to-earnings ratio of -36.28 and a beta of 1.87. The firm’s 50-day moving average is $43.69 and its 200 day moving average is $39.15. DraftKings has a 1 year low of $22.65 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during 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 business’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.87) EPS. Sell-side analysts anticipate that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of DraftKings 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 sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Highlander Capital Management LLC grew its holdings in shares of DraftKings by 180.0% in 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. LifeSteps Financial Inc. purchased a new position in shares of DraftKings in the first quarter valued at $33,000. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $26,000. Concord Wealth Partners grew its holdings in shares of DraftKings by 140.2% in the first 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. Finally, Montag A & Associates Inc. purchased a new position in shares of DraftKings in the fourth quarter valued at $29,000. 37.70% of the stock is owned by hedge funds and other 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.