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

DraftKings (NASDAQ:DKNG) had its price objective boosted by stock analysts at BMO Capital Markets from $51.00 to $54.00 in a research 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 24.71% from the stock’s previous close.

Several other brokerages have also recently commented on DKNG. The Goldman Sachs Group initiated coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price on the stock. Susquehanna increased their price objective on DraftKings from $54.00 to $56.00 and gave the stock a “positive” rating in a report on Monday, April 29th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Benchmark increased their price objective on DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Bank Of America (Bofa) lifted their target price on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Two 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.07.

DraftKings Stock Performance

Shares of DKNG opened at $43.30 on Monday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The business’s fifty day moving average price is $43.66 and its 200 day moving average price is $39.03. DraftKings has a 12-month low of $22.65 and a 12-month high of $49.57. The stock has a market capitalization of $37.53 billion, a PE ratio of -36.69 and a beta of 1.87.

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). 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%. DraftKings’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.87) EPS. Equities research analysts forecast that DraftKings will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction 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 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 filing with the SEC, which is accessible through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of 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 legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold a total of 1,086,101 shares of company stock worth $45,903,509 over the last ninety days. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several large investors have recently bought and sold shares of DKNG. Highlander Capital Management LLC boosted 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 buying an additional 450 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at about $26,000. Montag A & Associates Inc. bought a new position in shares of DraftKings during the 4th quarter worth approximately $29,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings during the 1st quarter worth about $33,000. Finally, Concord Wealth Partners grew its stake in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.