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

Benchmark restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $44.00 price objective on the stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company raised their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research note on Tuesday, September 10th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Morgan Stanley increased 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 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 a consensus rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Performance

NASDAQ:DKNG opened at $38.35 on Tuesday. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market cap of $33.77 billion, a P/E ratio of -43.58 and a beta of 1.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $40.41 and its 200-day moving average price is $37.90.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, sell-side analysts forecast that DraftKings will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other DraftKings news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 852,183 shares of company stock worth $33,503,025. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Pine Valley Investments Ltd Liability Co lifted its stake in DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after buying an additional 273 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares in the last quarter. Smith Thornton Advisors LLC grew its position in shares of DraftKings by 3.9% in the 3rd quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock valued at $374,000 after buying an additional 360 shares during the last quarter. Finally, Hudock Inc. raised its stake in DraftKings by 5.5% during the 3rd quarter. Hudock Inc. now owns 7,825 shares of the company’s stock worth $307,000 after acquiring an additional 410 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.