DraftKings (NASDAQ:DKNG) Stock Rating Reaffirmed by Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by equities researchers at Benchmark in a report released on Wednesday, Benzinga reports. They presently have a $50.00 price objective on the stock. Benchmark’s price objective points to a potential upside of 21.68% from the stock’s current price.

DKNG has been the subject of a number of other research reports. Morgan Stanley raised their price objective on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. BNP Paribas cut DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Friday, January 19th. Barclays raised their target price on shares of DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, April 19th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Finally, Needham & Company LLC lifted their price objective on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $47.31.

DraftKings Stock Performance

NASDAQ:DKNG opened at $41.09 on Wednesday. The stock has a 50-day moving average price of $43.57 and a 200 day moving average price of $38.26. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 12-month low of $20.26 and a 12-month high of $49.57. The stock has a market capitalization of $35.61 billion, a P/E ratio of -23.48 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business earned ($0.53) EPS. The company’s quarterly revenue was up 43.9% on a year-over-year basis. Equities research analysts forecast that DraftKings will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a legal filing 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 dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock worth $66,303,509 in the last three months. Corporate 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 business. Highlander Capital Management LLC increased its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new position in DraftKings in the fourth quarter valued at about $26,000. Montag A & Associates Inc. bought a new position in DraftKings in the fourth quarter worth about $29,000. FSC Wealth Advisors LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at about $37,000. Finally, Householder Group Estate & Retirement Specialist LLC grew its position in shares of DraftKings by 154.2% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after buying an additional 737 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.