Benchmark Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price reduced by Benchmark from $53.00 to $43.00 in a research report released on Thursday,Benzinga reports. Benchmark currently has a buy rating on the stock.

DKNG has been the topic of several other research reports. Truist Financial boosted their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Barclays reaffirmed an “overweight” rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. UBS Group decreased their target price on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Twenty-six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.89.

DraftKings Stock Up 1.4%

Shares of DraftKings stock opened at $35.37 on Thursday. DraftKings has a one year low of $29.64 and a one year high of $53.61. The company has a market cap of $17.56 billion, a P/E ratio of -54.42, a PEG ratio of 0.93 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a fifty day moving average of $44.25 and a two-hundred day moving average of $39.80.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business’s revenue was up 36.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, analysts forecast that DraftKings will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock worth $29,285,365 in the last three months. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DKNG. FNY Investment Advisers LLC purchased a new stake in DraftKings in the first quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of DraftKings in the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC boosted its holdings in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after acquiring an additional 564 shares during the last quarter. Bank of Jackson Hole Trust acquired a new position in DraftKings in the first quarter valued at $31,000. Finally, TD Private Client Wealth LLC grew its position in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. 37.70% of the stock is currently owned by hedge funds and other 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.