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

Benchmark reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report released on Tuesday,Benzinga reports. The firm currently has a $44.00 price objective on the stock.

DKNG has been the subject of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Mizuho boosted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Finally, Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

DraftKings Stock Performance

Shares of DraftKings stock opened at $37.36 on Tuesday. The firm has a fifty day moving average of $40.32 and a two-hundred day moving average of $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $32.90 billion, a price-to-earnings ratio of -42.45 and a beta of 1.90. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities research analysts predict that DraftKings will post -0.79 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 852,183 shares of company stock valued at $33,503,025. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alta Advisers Ltd acquired a new stake in shares of DraftKings during the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the second quarter worth approximately $39,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the third quarter worth approximately $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV increased its stake in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Company Profile

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.