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

DraftKings (NASDAQ:DKNG) had its price target upped by stock analysts at BTIG Research from $53.00 to $55.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 31.52% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $58.00 price target on shares of DraftKings in a research note on Friday. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. The Goldman Sachs Group assumed coverage on DraftKings in a research note on Tuesday, April 16th. They issued a “buy” rating and a $60.00 target price on the stock. Piper Sandler boosted their target price on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Finally, Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $45.00 in a report on Friday, January 19th. Two equities research 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

DraftKings Stock Performance

Shares of DKNG opened at $41.82 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 stock has a 50-day moving average of $43.58 and a 200-day moving average of $38.92. The company has a market cap of $36.24 billion, a PE ratio of -35.44 and a beta of 1.87. DraftKings has a one year low of $21.07 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued 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 analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.87) earnings per share. On average, equities research analysts predict that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly 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 have sold 1,086,101 shares of company stock worth $45,903,509 over the last 90 days. 48.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. Norges Bank purchased a new stake in DraftKings during the fourth quarter worth approximately $192,140,000. Massachusetts Financial Services Co. MA acquired a new position in DraftKings during the third quarter worth $107,276,000. Ameriprise Financial Inc. grew its holdings in DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after acquiring an additional 3,444,107 shares during the period. Lord Abbett & CO. LLC purchased a new stake in DraftKings during the third quarter worth $91,790,000. Finally, First Trust Advisors LP boosted its position in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Hedge funds and other 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.