DraftKings (NASDAQ:DKNG) Earns Buy Rating from Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by analysts at Benchmark in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $50.00 price target on the stock. Benchmark’s price objective indicates a potential upside of 22.34% from the company’s current price.

A number of other equities research analysts also recently weighed in on DKNG. UBS Group lifted their target price on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a report on Thursday, March 28th. Barclays lifted their target price on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Bank Of America (Bofa) lifted their target price on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Finally, Mizuho began coverage on DraftKings in a report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 target price for the company. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.31.

DraftKings Trading Down 0.8 %

DraftKings stock traded down $0.34 during trading hours on Wednesday, hitting $40.87. The stock had a trading volume of 3,089,381 shares, compared to its average volume of 11,643,557. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock has a market cap of $35.42 billion, a price-to-earnings ratio of -23.50 and a beta of 1.86. DraftKings has a one year low of $20.26 and a one year high of $49.57. The business’s 50 day simple moving average is $43.69 and its 200-day simple moving average is $38.22.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business earned ($0.53) earnings per share. DraftKings’s revenue was up 43.9% compared to the same quarter last year. On average, equities analysts predict that DraftKings will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 686,101 shares of the business’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 transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $29,543,509.06. Following the completion of the transaction, the insider now 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 sold a total of 1,396,101 shares of company stock worth $58,121,509 over the last ninety days. 48.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the stock. Highlander Capital Management LLC boosted its holdings in DraftKings by 180.0% during 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 stake in DraftKings during the 4th quarter valued at about $26,000. Montag A & Associates Inc. purchased a new stake in DraftKings during the 4th quarter valued at about $29,000. FSC Wealth Advisors LLC purchased a new stake in DraftKings during the 4th quarter valued at about $37,000. Finally, Householder Group Estate & Retirement Specialist LLC raised its position in DraftKings by 154.2% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after purchasing an additional 737 shares during the last quarter. 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.