DraftKings (NASDAQ:DKNG) Price Target Raised to $44.00 at Benchmark

DraftKings (NASDAQ:DKNG) had its target price boosted by Benchmark from $41.00 to $44.00 in a research note published on Tuesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

DKNG has been the topic of a number of other reports. Morgan Stanley decreased their price target on DraftKings from $51.00 to $47.00 and set an overweight rating on the stock in a research note on Tuesday, August 13th. Needham & Company LLC reaffirmed a buy rating and issued a $60.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. The Goldman Sachs Group lowered their price target on DraftKings from $60.00 to $54.00 and set a buy rating for the company in a research report on Monday, August 5th. Stifel Nicolaus reissued a buy rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, Jefferies Financial Group boosted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock a buy rating in a research note on Monday, May 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and an average price target of $49.56.

DraftKings Price Performance

DraftKings stock opened at $34.80 on Tuesday. The stock has a market capitalization of $30.25 billion, a P/E ratio of -29.49 and a beta of 1.81. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s 50-day moving average is $36.59 and its two-hundred day moving average is $40.44.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business earned ($0.17) earnings per share. DraftKings’s revenue was up 26.2% compared to the same quarter last year. Equities analysts predict that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The disclosure for this sale can be found here. Insiders have sold 1,183,546 shares of company stock worth $44,171,617 over the last quarter. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of DraftKings in the 4th quarter worth approximately $192,140,000. Marshall Wace LLP lifted its stake in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares during the last quarter. First Trust Advisors LP grew its position in shares of DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of DraftKings in the 4th quarter worth about $87,829,000. Finally, Vanguard Group Inc. lifted its position in DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.