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

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by Benchmark in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $44.00 price target on the stock. Benchmark’s target price suggests a potential upside of 18.12% from the stock’s current price.

Other analysts have also issued reports about the stock. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

DraftKings Stock Performance

Shares of DKNG opened at $37.25 on Tuesday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market cap of $32.80 billion, a P/E ratio of -42.33 and a beta of 1.90. The business’s 50 day moving average price is $40.31 and its 200-day moving average price is $37.93.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts anticipate 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 firm’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 sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 852,183 shares of company stock valued at $33,503,025 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several large investors have recently made changes to their positions in DKNG. Alta Advisers Ltd purchased a new stake in shares of DraftKings during the second quarter worth about $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings during the 2nd quarter valued at approximately $39,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new position in shares of DraftKings in the third quarter worth $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of DraftKings during the second quarter worth $47,000. 37.70% of the stock is currently owned by hedge funds and other 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.