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

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

Other analysts have also issued research reports about the stock. JMP Securities restated a market outperform rating and set a $52.00 price target on shares of DraftKings in a research report on Monday, March 25th. The Goldman Sachs Group started coverage on DraftKings in a research note on Tuesday, April 16th. They issued a buy rating and a $60.00 price target for the company. Needham & Company LLC reiterated a buy rating and set a $58.00 price target on shares of DraftKings in a research report on Friday, May 3rd. Barclays boosted their price objective on DraftKings from $50.00 to $52.00 and gave the company an overweight rating in a research report on Friday, April 19th. Finally, UBS Group increased their target price on DraftKings from $44.00 to $56.00 and gave the company a buy rating in a research report on Tuesday, March 5th. 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 stock has a consensus rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Price Performance

Shares of DKNG opened at $44.03 on Monday. The company has a market capitalization of $38.16 billion, a P/E ratio of -37.31 and a beta of 1.87. The business’s 50-day moving average is $43.70 and its two-hundred day moving average is $39.17. 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.

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

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DKNG. International Assets Investment Management LLC acquired a new position in DraftKings in the 4th quarter valued at about $7,975,000. Deutsche Bank AG raised its stake in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in DraftKings during the 3rd quarter worth about $209,000. Schonfeld Strategic Advisors LLC boosted its position in shares of DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after acquiring an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other 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.