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

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

A number of other equities research analysts have also weighed in on the stock. BTIG Research raised their price target on shares of DraftKings from $53.00 to $55.00 and gave the company a buy rating in a report on Monday. Benchmark increased their price objective on shares of DraftKings from $50.00 to $52.00 and gave the company a buy rating in a research note on Friday, May 3rd. Susquehanna increased their price objective on shares of DraftKings from $54.00 to $56.00 and gave the company a positive rating in a research note on Monday, April 29th. Needham & Company LLC reiterated a buy rating and set a $58.00 price objective on shares of DraftKings in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. reiterated an overweight rating and set a $55.00 price objective on shares of DraftKings in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Price Performance

DraftKings stock opened at $42.81 on Monday. DraftKings has a 52-week low of $22.65 and a 52-week high of $49.57. The firm has a fifty day moving average of $43.69 and a 200-day moving average of $39.15. The firm has a market capitalization of $37.10 billion, a P/E ratio of -36.28 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.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the company earned ($0.87) EPS. DraftKings’s revenue was up 52.7% on a year-over-year basis. As a group, analysts predict that DraftKings will post -0.24 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s 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 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 Securities & Exchange Commission, which is available through this link. 48.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the stock. Highlander Capital Management LLC raised its stake in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares in the last quarter. LifeSteps Financial Inc. acquired a new stake in shares of DraftKings in the 1st quarter valued at approximately $33,000. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings in the 4th quarter valued at approximately $26,000. Concord Wealth Partners boosted its stake in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the period. Finally, Montag A & Associates Inc. acquired a new position in DraftKings in the 4th quarter worth $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.