DraftKings (NASDAQ:DKNG) Earns Buy Rating from Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by Benchmark in a research note issued on Wednesday, Benzinga reports. They currently have a $50.00 price objective on the stock. Benchmark’s target price would suggest a potential upside of 22.34% from the stock’s current price.

Other equities analysts have also issued reports about the stock. UBS Group boosted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Susquehanna boosted their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. Moffett Nathanson boosted their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, BMO Capital Markets boosted their target price on shares of DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $47.31.

DraftKings Price Performance

Shares of DKNG stock traded down $0.34 on Wednesday, reaching $40.87. 3,089,381 shares of the company were exchanged, compared to its average volume of 11,643,557. The company has a market cap of $35.42 billion, a price-to-earnings ratio of -23.50 and a beta of 1.86. The business has a 50-day moving average price of $43.69 and a 200 day moving average price of $38.22. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 1 year low of $20.26 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.53) EPS. Equities research analysts forecast that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,396,101 shares of company stock worth $58,121,509 over the last ninety days. 48.94% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Highlander Capital Management LLC increased its stake in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth $26,000. Montag A & Associates Inc. bought a new stake in shares of DraftKings in the fourth quarter worth $29,000. FSC Wealth Advisors LLC bought a new stake in shares of DraftKings in the fourth quarter worth $37,000. Finally, Householder Group Estate & Retirement Specialist LLC increased its stake in shares of DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after buying an additional 737 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.