DraftKings (NASDAQ:DKNG) Given New $54.00 Price Target at BMO Capital Markets

DraftKings (NASDAQ:DKNG) had its target price lifted by BMO Capital Markets from $51.00 to $54.00 in a research report sent to investors on Monday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

DKNG has been the topic of several other research reports. Stifel Nicolaus upgraded DraftKings from a hold rating to a buy rating and raised their target price for the company from $40.00 to $45.00 in a research report on Friday, January 19th. Piper Sandler lifted their target price on shares of DraftKings from $40.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, February 13th. Barclays upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock an overweight rating in a report on Friday, April 19th. Morgan Stanley raised their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Finally, Truist Financial reaffirmed a buy rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $49.07.

DraftKings Stock Up 5.4 %

NASDAQ:DKNG opened at $44.07 on Monday. 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. The company has a fifty day moving average of $43.66 and a two-hundred day moving average of $39.03.

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

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on 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 completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated 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 sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares of the company’s stock, 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 valued at $45,903,509 over the last quarter. 48.94% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds have recently modified their holdings of DKNG. Highlander Capital Management LLC increased its holdings in DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares during the period. LifeSteps Financial Inc. acquired a new position in shares of DraftKings during the first quarter worth about $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $26,000. Concord Wealth Partners raised its holdings in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new position in DraftKings in the fourth quarter worth approximately $29,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.