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

Benchmark reiterated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Wednesday, Benzinga reports. Benchmark currently has a $50.00 target price on the stock.

A number of other analysts have also recently weighed in on the company. UBS Group raised their price target on DraftKings from $44.00 to $56.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Susquehanna raised their price target on DraftKings from $51.00 to $54.00 and gave the company a positive rating in a research note on Monday, March 25th. BNP Paribas cut DraftKings from a neutral rating to an underperform rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Wells Fargo & Company raised their price target on DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley lifted their target price on DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $47.31.

DraftKings Price Performance

NASDAQ:DKNG opened at $40.85 on Wednesday. The stock has a fifty day moving average price of $43.63 and a 200 day moving average price of $38.24. DraftKings has a 12-month low of $20.26 and a 12-month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted ($0.53) earnings per share. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. Equities analysts expect that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock valued at $66,303,509. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $7,975,000. Deutsche Bank AG lifted its stake in DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in DraftKings in the 3rd quarter valued at approximately $209,000. Schonfeld Strategic Advisors LLC lifted its stake in DraftKings by 27.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after buying an additional 1,237 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.