DraftKings (NASDAQ:DKNG) PT Raised to $52.00 at Benchmark

DraftKings (NASDAQ:DKNG) had its price target increased by Benchmark from $50.00 to $52.00 in a research report sent to investors on Friday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other analysts also recently issued reports on DKNG. Mizuho began coverage on DraftKings in a research note on Tuesday, March 26th. They issued a buy rating and a $58.00 price objective on the stock. Bank Of America (Bofa) lifted their price objective on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Oppenheimer lifted their price objective on DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Susquehanna lifted their price objective on DraftKings from $54.00 to $56.00 and gave the stock a positive rating in a research note on Monday, April 29th. Finally, The Goldman Sachs Group assumed coverage on DraftKings in a research report on Tuesday, April 16th. They set a buy rating and a $60.00 target price on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $47.45.

DraftKings Price Performance

DKNG traded down $1.21 on Friday, hitting $41.82. 27,186,840 shares of the company’s stock traded hands, compared to its average volume of 9,189,177. The company’s 50 day simple moving average is $43.58 and its 200-day simple moving average is $38.78. The firm has a market cap of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87. DraftKings has a one year low of $21.07 and a one year 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 issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same period last year, the business posted ($0.87) EPS. As a group, research analysts anticipate that DraftKings will post -0.24 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings 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 of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings 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 transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock worth $45,903,509 over the last quarter. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in DKNG. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in DraftKings during the third quarter worth approximately $3,147,000. Cambridge Investment Research Advisors Inc. raised its position in DraftKings by 8.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock valued at $2,624,000 after purchasing an additional 6,965 shares during the period. Robeco Institutional Asset Management B.V. raised its position in DraftKings by 178.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock valued at $1,414,000 after purchasing an additional 30,802 shares during the period. Xponance Inc. raised its position in DraftKings by 1.1% in the third quarter. Xponance Inc. now owns 59,403 shares of the company’s stock valued at $1,749,000 after purchasing an additional 670 shares during the period. Finally, Bank of New York Mellon Corp raised its position in DraftKings by 7.7% in the third quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company’s stock valued at $36,978,000 after purchasing an additional 90,004 shares during the period. 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.