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

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

Several other research analysts have also recently commented on DKNG. Wells Fargo & Company raised their target price on DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research report on Tuesday, February 20th. JMP Securities reiterated a market outperform rating and issued a $52.00 price objective on shares of DraftKings in a research report on Monday, March 25th. JPMorgan Chase & Co. restated an overweight rating and issued a $55.00 price objective on shares of DraftKings in a research report on Thursday, March 28th. Needham & Company LLC reissued a buy rating and set a $58.00 price target on shares of DraftKings in a research note on Friday. Finally, BMO Capital Markets boosted their price objective on shares of DraftKings from $43.00 to $51.00 and gave the stock an outperform rating in a research report on Friday, February 16th. 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 data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Stock Performance

Shares of DKNG opened at $44.07 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 12 month low of $22.65 and a 12 month high of $49.57. The company’s fifty day moving average is $43.66 and its 200-day moving average is $39.03. The firm has a market cap of $38.19 billion, a price-to-earnings ratio of -37.35 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.87) EPS. Equities analysts expect that DraftKings will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,086,101 shares of company stock worth $45,903,509. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Winthrop Advisory Group LLC boosted its holdings in shares of DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the last quarter. ST Germain D J Co. Inc. grew its position in shares of DraftKings by 26.3% in the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after acquiring an additional 250 shares during the period. Fifth Third Bancorp increased its stake in shares of DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after purchasing an additional 379 shares during the period. 37.70% of the stock is currently owned by institutional investors.

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.