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

Benchmark reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Wednesday, Benzinga reports. They currently have a $50.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. BMO Capital Markets lifted their price objective on shares of DraftKings from $43.00 to $51.00 and gave the company an outperform rating in a research note on Friday, February 16th. BNP Paribas lowered shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price for the company. in a research report on Friday, January 19th. Piper Sandler boosted their target price on shares of DraftKings from $40.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, February 13th. JPMorgan Chase & Co. reissued an overweight rating and set a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Finally, Mizuho began coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a buy rating and a $58.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of Moderate Buy and an average target price of $47.31.

DraftKings Stock Performance

DKNG stock opened at $40.85 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 1 year low of $20.26 and a 1 year high of $49.57. The company has a fifty day simple moving average of $43.63 and a 200 day simple moving average of $38.24.

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 business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the firm posted ($0.53) EPS. The firm’s revenue for the quarter was up 43.9% on a year-over-year basis. As a group, research analysts expect that DraftKings will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were 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 owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,596,101 shares of company stock valued at $66,303,509. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently bought and sold shares of the company. Highlander Capital Management LLC raised its holdings in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares during the period. Transcendent Capital Group LLC bought a new position in DraftKings in the fourth quarter valued at $26,000. Montag A & Associates Inc. bought a new position in DraftKings in the fourth quarter valued at $29,000. FSC Wealth Advisors LLC bought a new position in DraftKings in the fourth quarter valued at $37,000. Finally, Householder Group Estate & Retirement Specialist LLC grew its position in DraftKings by 154.2% in the fourth 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 in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.