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

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

Other research analysts also recently issued research reports about the company. Mizuho started coverage on DraftKings in a research note on Tuesday, March 26th. They issued a buy rating and a $58.00 target price for the company. JMP Securities reaffirmed a market outperform rating and set a $52.00 target price on shares of DraftKings in a report on Monday, March 25th. Susquehanna raised their price target on shares of DraftKings from $54.00 to $56.00 and gave the company a positive rating in a report on Monday, April 29th. Moffett Nathanson upped their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Finally, Stifel Nicolaus raised DraftKings from a hold rating to a buy rating and lifted their price objective for the company from $40.00 to $45.00 in a research note on Friday, January 19th. Two research 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 MarketBeat, DraftKings currently has a consensus rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Price Performance

NASDAQ DKNG opened at $44.03 on Monday. The company has a market cap of $38.16 billion, a PE ratio of -37.31 and a beta of 1.87. 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’s 50-day simple moving average is $43.70 and its two-hundred day simple moving average is $39.17. DraftKings has a 52 week low of $22.65 and a 52 week high of $49.57.

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

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in DraftKings during the 4th quarter valued at $192,140,000. Massachusetts Financial Services Co. MA bought a new position in DraftKings in the third quarter worth about $107,276,000. Ameriprise Financial Inc. lifted its holdings in DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares during the period. Lord Abbett & CO. LLC bought a new stake in DraftKings during the 3rd quarter valued at approximately $91,790,000. Finally, First Trust Advisors LP grew its holdings in shares of DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the period. Hedge funds and other 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.