DraftKings (NASDAQ:DKNG) Rating Reiterated by Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reissued by Benchmark in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $50.00 price target on the stock. Benchmark’s price target points to a potential upside of 21.68% from the stock’s previous close.

A number of other equities analysts have also issued reports on DKNG. Morgan Stanley raised their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Oppenheimer upped their price target on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Wells Fargo & Company increased their price target on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. The Goldman Sachs Group began coverage on shares of DraftKings in a research note on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Bank Of America (Bofa) raised their target price on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $47.31.

DraftKings Trading Up 0.6 %

DKNG opened at $41.09 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 52 week low of $20.26 and a 52 week high of $49.57. The business’s 50 day moving average is $43.57 and its two-hundred day moving average is $38.26. The firm has a market cap of $35.61 billion, a price-to-earnings ratio of -23.48 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last announced 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 business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) earnings per share. On average, research analysts predict that DraftKings will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,596,101 shares of company stock valued at $66,303,509. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Highlander Capital Management LLC boosted its stake in DraftKings by 180.0% in the 4th 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 purchased a new position in shares of DraftKings during the 4th quarter worth about $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings in the fourth quarter worth approximately $29,000. Massmutual Trust Co. FSB ADV grew its holdings in DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the period. Finally, FSC Wealth Advisors LLC acquired a new position in DraftKings during the fourth quarter worth approximately $37,000. Hedge funds and other 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.