DraftKings’ (DKNG) Buy Rating Reiterated at Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by research analysts at Benchmark in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $44.00 price objective on the stock. Benchmark’s price objective would suggest a potential upside of 15.91% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. Macquarie reissued an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Monday, September 23rd. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research note on Tuesday, September 10th. UBS Group upped their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group reduced their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.89.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $1.32 during trading on Monday, reaching $37.96. The stock had a trading volume of 419,204 shares, compared to its average volume of 10,512,529. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The business’s 50-day moving average price is $35.82 and its 200 day moving average price is $39.23. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $33.00 billion, a PE ratio of -32.17 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the business earned ($0.17) EPS. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, equities analysts predict that DraftKings will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,195,301 shares of company stock valued at $45,355,362 in the last quarter. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP raised its holdings in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares during the period. Vanguard Group Inc. grew its position in shares of DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of DraftKings by 1,048.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in shares of DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares in the last quarter. Finally, Blue Whale Capital LLP purchased a new position in shares of DraftKings during the second quarter valued at about $39,306,000. 37.70% of the stock is owned by institutional investors.

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.