DraftKings (NASDAQ:DKNG) Stock Rating Reaffirmed by BMO Capital Markets

DraftKings (NASDAQ:DKNG)‘s stock had its “outperform” rating reiterated by equities researchers at BMO Capital Markets in a note issued to investors on Wednesday, Benzinga reports. They currently have a $48.00 target price on the stock. BMO Capital Markets’ price target indicates a potential upside of 27.49% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Monday, September 23rd. Oppenheimer decreased their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Barclays upped their target price on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, Wells Fargo & Company cut their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $50.04.

DraftKings Stock Up 1.2 %

Shares of NASDAQ:DKNG opened at $37.65 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57. The stock has a market capitalization of $32.73 billion, a P/E ratio of -31.91 and a beta of 1.81. The stock has a 50-day simple moving average of $36.62 and a 200-day simple moving average of $38.73.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.17) EPS. Equities analysts forecast that DraftKings will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,132,095 shares of company stock valued at $42,890,328 over the last three months. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in DraftKings during the third quarter valued at about $46,000. Bleakley Financial Group LLC boosted its stake in DraftKings by 3.7% during the third quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock valued at $1,098,000 after buying an additional 996 shares in the last quarter. Global Retirement Partners LLC boosted its stake in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $297,000. Finally, Vontobel Holding Ltd. boosted its position in shares of DraftKings by 59.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock valued at $2,301,000 after purchasing an additional 21,855 shares during the period. 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.