DraftKings (NASDAQ:DKNG) Price Target Raised to $55.00

DraftKings (NASDAQ:DKNG) had its price target boosted by BTIG Research from $53.00 to $55.00 in a research report released on Monday, Benzinga reports. BTIG Research currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Moffett Nathanson increased their price target on DraftKings from $52.00 to $55.00 and gave the company a buy rating in a research note on Thursday, March 28th. Needham & Company LLC reiterated a buy rating and issued a $58.00 price target on shares of DraftKings in a research report on Friday, May 3rd. Stifel Nicolaus upgraded shares of DraftKings from a hold rating to a buy rating and raised their price objective for the company from $40.00 to $45.00 in a research report on Friday, January 19th. Wells Fargo & Company boosted their target price on shares of DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Finally, Truist Financial restated a buy rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a report 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and an average price target of $49.07.

DraftKings Stock Performance

NASDAQ:DKNG opened at $44.03 on Monday. DraftKings has a 1-year low of $22.65 and a 1-year high of $49.57. The stock has a market cap of $38.16 billion, a P/E ratio of -37.31 and a beta of 1.87. 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 firm has a 50-day moving average of $43.70 and a two-hundred day moving average of $39.17.

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). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business earned ($0.87) EPS. The company’s quarterly revenue was up 52.7% on a year-over-year basis. On average, research analysts expect that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 48.94% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC grew its stake in 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 acquiring an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new position in DraftKings during the fourth quarter valued at $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings in the fourth quarter valued at about $29,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings during the first quarter worth about $33,000. Finally, Concord Wealth Partners raised its position in shares of DraftKings by 140.2% during 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 last quarter. 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.