Benchmark Boosts DraftKings (NASDAQ:DKNG) Price Target to $44.00

DraftKings (NASDAQ:DKNG) had its price target boosted by Benchmark from $41.00 to $44.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

DKNG has been the subject of a number of other reports. BMO Capital Markets reduced their target price on shares of DraftKings from $54.00 to $48.00 and set an outperform rating for the company in a research note on Friday, August 2nd. Susquehanna reduced their target price on shares of DraftKings from $49.00 to $47.00 and set a positive rating for the company in a research note on Thursday, August 1st. Macquarie reduced their target price on shares of DraftKings from $52.00 to $50.00 and set an outperform rating for the company in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research note on Monday, May 6th. Finally, Truist Financial reissued a buy rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and an average price target of $49.56.

DraftKings Price Performance

DKNG opened at $35.25 on Tuesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a 50-day moving average of $36.45 and a 200-day moving average of $40.38. The company has a market capitalization of $30.64 billion, a P/E ratio of -29.87 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating 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 49.31%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.17) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. Equities analysts expect that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders have sold 1,183,546 shares of company stock worth $44,171,617 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently made changes to their positions in DKNG. RDA Financial Network acquired a new position in DraftKings in the 1st quarter valued at approximately $232,000. LRI Investments LLC acquired a new position in DraftKings in the 1st quarter valued at approximately $31,000. CreativeOne Wealth LLC acquired a new position in DraftKings in the 1st quarter valued at approximately $297,000. Janney Montgomery Scott LLC increased its stake in DraftKings by 135.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after buying an additional 129,294 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in DraftKings by 1.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after buying an additional 1,021 shares during the period. Institutional investors and hedge funds 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.