Benchmark Boosts DraftKings (NASDAQ:DKNG) Price Target to $52.00

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

Several other research analysts have also recently commented on the company. Stifel Nicolaus upgraded DraftKings from a hold rating to a buy rating and boosted their price target for the stock from $40.00 to $45.00 in a research note on Friday, January 19th. Needham & Company LLC reaffirmed a buy rating and issued a $58.00 target price on shares of DraftKings in a research report on Friday. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Piper Sandler increased their price objective on shares of DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, February 13th. Finally, UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $47.45.

DraftKings Stock Down 2.8 %

Shares of NASDAQ:DKNG opened at $41.82 on Friday. DraftKings has a one year low of $21.07 and a one year high of $49.57. The business’s 50-day simple moving average is $43.58 and its 200 day simple moving average is $38.92. 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 posted its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the firm posted ($0.87) earnings per share. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. As a group, equities research analysts forecast that DraftKings will post -0.24 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction on 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 sale, 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. Insiders sold 1,086,101 shares of company stock worth $45,903,509 in the last 90 days. Corporate insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the business. Highlander Capital Management LLC lifted its position in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in shares of DraftKings in the 1st quarter valued at $33,000. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $26,000. Concord Wealth Partners raised its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares during the period. Finally, Montag A & Associates Inc. purchased a new stake in DraftKings during the fourth quarter valued at about $29,000. 37.70% of the stock is currently owned by 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.