DraftKings’ (DKNG) “Buy” Rating Reiterated at Benchmark

Benchmark restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report report published on Tuesday morning, Marketbeat reports. Benchmark currently has a $50.00 price objective on the stock, up from their prior price objective of $45.00.

Several other research analysts also recently issued reports on the company. Barclays cut their price target on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, May 12th. Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 target price for the company. Bank of America dropped their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 9th. BTIG Research reduced their price target on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Finally, Mizuho decreased their price objective on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $54.00.

DraftKings Stock Up 1.3%

Shares of DraftKings stock opened at $43.94 on Tuesday. DraftKings has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a fifty day moving average of $38.82 and a two-hundred day moving average of $38.77. The company has a market cap of $39.08 billion, a P/E ratio of -52.94, a PEG ratio of 1.37 and a beta of 1.67.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director directly owned 5,947 shares of the company’s stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider owned 4,155,130 shares in the company, valued at $157,188,567.90. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DKNG. Beacon Pointe Advisors LLC lifted its stake in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in shares of DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after purchasing an additional 217 shares during the period. Brooklyn Investment Group lifted its position in shares of DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after buying an additional 270 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 282 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after buying an additional 286 shares during the last quarter. Institutional investors and hedge funds 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.