DraftKings (NASDAQ:DKNG) Earns Buy Rating from Benchmark

Benchmark reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note published on Tuesday morning,Benzinga reports. They currently have a $44.00 target price on the stock.

Several other research firms have also recently weighed in on DKNG. Wells Fargo & Company upped their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Friday, November 8th. Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. TD Cowen lifted their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.92.

DraftKings Stock Up 0.3 %

Shares of DKNG opened at $37.36 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The firm’s 50 day moving average is $40.32 and its 200-day moving average is $37.90. The stock has a market capitalization of $32.90 billion, a PE ratio of -42.45 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts forecast that DraftKings will post -0.79 EPS for the current year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 852,183 shares of company stock valued at $33,503,025. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DKNG. Candriam S.C.A. acquired a new stake in shares of DraftKings in the 2nd quarter valued at about $757,000. Acadian Asset Management LLC increased its holdings in shares of DraftKings by 1,026.9% during the second quarter. Acadian Asset Management LLC now owns 25,366 shares of the company’s stock valued at $967,000 after acquiring an additional 23,115 shares in the last quarter. Ballentine Partners LLC raised its position in shares of DraftKings by 10.7% during the second quarter. Ballentine Partners LLC now owns 6,554 shares of the company’s stock worth $250,000 after purchasing an additional 632 shares during the period. Oak Thistle LLC bought a new position in shares of DraftKings in the 2nd quarter worth $391,000. Finally, PFG Investments LLC grew its position in DraftKings by 25.5% in the 2nd quarter. PFG Investments LLC now owns 29,200 shares of the company’s stock valued at $1,115,000 after purchasing an additional 5,927 shares during the period. 37.70% of the stock is owned by institutional investors.

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.