DraftKings (NASDAQ:DKNG) Given Buy Rating at Benchmark

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by Benchmark in a report issued on Monday, Benzinga reports. They presently have a $44.00 target price on the stock. Benchmark’s target price would suggest a potential upside of 17.33% from the company’s current price.

A number of other brokerages have also weighed in on DKNG. Guggenheim dropped their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Bank of America cut their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Morgan Stanley restated an “overweight” rating and set a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $48.00 price target (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.89.

DraftKings Stock Down 0.8 %

Shares of NASDAQ:DKNG opened at $37.50 on Monday. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $32.60 billion, a P/E ratio of -31.78 and a beta of 1.81. The firm has a fifty day moving average price of $35.84 and a 200 day moving average price of $39.11.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. Sell-side analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,195,301 shares of company stock worth $45,355,362. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Hedge funds have recently modified their holdings of the company. Rafferty Asset Management LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $2,062,000. Cetera Advisor Networks LLC increased its holdings in shares of DraftKings by 48.5% in the fourth quarter. Cetera Advisor Networks LLC now owns 166,586 shares of the company’s stock worth $5,872,000 after acquiring an additional 54,382 shares in the last quarter. Mark Asset Management LP acquired a new stake in shares of DraftKings during the fourth quarter worth about $11,277,000. C M Bidwell & Associates Ltd. lifted its holdings in shares of DraftKings by 47.1% during the 4th quarter. C M Bidwell & Associates Ltd. now owns 6,756 shares of the company’s stock valued at $238,000 after purchasing an additional 2,164 shares in the last quarter. Finally, Flight Deck Capital LP acquired a new position in shares of DraftKings in the 4th quarter valued at approximately $3,500,000. 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.