DraftKings (NASDAQ:DKNG) Rating Reiterated by BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of DraftKings (NASDAQ:DKNG) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $48.00 price objective on the stock.

Several other analysts have also weighed in on DKNG. UBS Group upped their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark restated a “buy” rating and set a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Oppenheimer reduced their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Guggenheim dropped their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, Morgan Stanley restated an “overweight” rating and set a $47.00 price objective on shares of DraftKings in a research report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.19.

DraftKings Stock Up 2.2 %

Shares of NASDAQ DKNG opened at $38.46 on Wednesday. The stock has a market capitalization of $33.43 billion, a price-to-earnings ratio of -32.59 and a beta of 1.81. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The firm has a 50-day moving average price of $36.78 and a 200 day moving average price of $38.64. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

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

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,132,095 shares of company stock worth $42,890,328 over the last three months. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its stake in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Vanguard Group Inc. grew its position in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after acquiring an additional 2,225,759 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after acquiring an additional 1,723,819 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares during the period. Finally, Blue Whale Capital LLP acquired a new position in shares of DraftKings during the second quarter worth $39,306,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.