Benchmark Boosts DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG) had its price target increased by Benchmark from $44.00 to $51.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on DKNG. Susquehanna cut their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price target on DraftKings in a report on Tuesday, February 18th. Finally, Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Price Performance

NASDAQ DKNG opened at $38.63 on Monday. The firm has a market capitalization of $18.93 billion, a PE ratio of -36.44, a P/E/G ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The company’s 50 day simple moving average is $42.12 and its 200 day simple moving average is $40.09.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts forecast that DraftKings will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 532,095 shares of the business’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 value of $20,379,238.50. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock valued at $108,506,588 in the last three months. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the period. CWA Asset Management Group LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $355,000. Assetmark Inc. increased its holdings in shares of DraftKings by 5.0% in the third quarter. Assetmark Inc. now owns 188,565 shares of the company’s stock valued at $7,392,000 after purchasing an additional 9,058 shares in the last quarter. Atria Investments Inc bought a new position in DraftKings in the 3rd quarter valued at $215,000. Finally, XML Financial LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at $202,000. 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.