DraftKings (NASDAQ:DKNG) Earns “Buy” Rating from Benchmark

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

Several other research analysts have also recently weighed in on DKNG. Wells Fargo & Company upped their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Susquehanna lifted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Finally, Mizuho lifted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

DraftKings Stock Down 0.5 %

DKNG opened at $37.25 on Tuesday. The firm has a market capitalization of $32.80 billion, a P/E ratio of -42.33 and a beta of 1.90. DraftKings has a one year low of $28.69 and a one year high of $49.57. The company has a fifty day moving average price of $40.31 and a 200-day moving average price of $37.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted 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). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts expect that DraftKings will post -0.79 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 4.40 % 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 worth $33,503,025 in the last 90 days. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently modified their holdings of the stock. Marshall Wace LLP lifted its holdings in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. lifted its stake in shares of DraftKings by 1,261.7% in the 2nd 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 during the period. Fred Alger Management LLC boosted its position in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new stake in DraftKings in the second quarter worth $39,306,000. Finally, AQR Capital Management LLC raised its holdings in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares in the last quarter. Institutional investors 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.