DraftKings (NASDAQ:DKNG) PT Raised to $55.00

DraftKings (NASDAQ:DKNG) had its target price lifted by research analysts at BTIG Research from $53.00 to $55.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 27.02% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Benchmark increased their price target on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Wells Fargo & Company boosted their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Moffett Nathanson raised their price target on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. UBS Group increased their price objective on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Finally, BMO Capital Markets boosted their target price on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.07.

DraftKings Stock Down 1.7 %

DKNG stock opened at $43.30 on Monday. DraftKings has a 12 month low of $22.65 and a 12 month 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. The company has a market cap of $37.53 billion, a price-to-earnings ratio of -36.69 and a beta of 1.87. The company has a fifty day moving average price of $43.66 and a 200 day moving average price of $39.03.

DraftKings (NASDAQ:DKNG) last released 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). 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 analysts’ expectations of $1.12 billion. During the same period in the prior year, the business earned ($0.87) EPS. The business’s quarterly revenue was up 52.7% compared to the same quarter last year. Sell-side analysts expect that DraftKings will post -0.24 earnings per share for the current year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is available at 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 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 owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,086,101 shares of company stock valued at $45,903,509 over the last quarter. Company insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $7,975,000. Deutsche Bank AG lifted its position in DraftKings by 169.1% during 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 third quarter worth approximately $209,000. Schonfeld Strategic Advisors LLC increased its position in shares of DraftKings by 27.6% in the third 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 raised its stake 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 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.