DraftKings (NASDAQ:DKNG) Given New $51.00 Price Target at Benchmark

DraftKings (NASDAQ:DKNG) had its price objective raised by Benchmark from $44.00 to $51.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

DKNG has been the topic of several other reports. Macquarie upped their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Argus set a $60.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Finally, Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Price Performance

Shares of DraftKings stock opened at $37.24 on Monday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The business has a 50-day moving average price of $42.06 and a 200 day moving average price of $40.08. The firm has a market cap of $18.25 billion, a PE ratio of -35.13, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now directly owns 1,612 shares of the company’s stock, valued at approximately $67,704. This represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock valued at $108,506,588 over the last quarter. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the company. Siemens Fonds Invest GmbH acquired a new stake in DraftKings in the fourth quarter valued at $665,000. Total Wealth Planning & Management Inc. acquired a new stake in shares of DraftKings in the fourth quarter valued at about $243,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in DraftKings during the fourth quarter worth about $1,728,000. Employees Retirement System of Texas acquired a new position in DraftKings during the fourth quarter worth about $1,822,000. Finally, Bernard Wealth Management Corp. purchased a new position in DraftKings in the fourth quarter valued at about $94,000. 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.