Benchmark Boosts DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG) had its price objective upped by equities research analysts at Benchmark from $44.00 to $51.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price indicates a potential downside of 1.41% from the stock’s current price.

A number of other research firms have also recently issued reports on DKNG. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday. Finally, Susquehanna dropped their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.58.

DraftKings Trading Up 11.4 %

Shares of DKNG stock traded up $5.28 on Friday, hitting $51.73. The stock had a trading volume of 28,614,651 shares, compared to its average volume of 8,731,868. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.47. The company has a fifty day moving average price of $40.36 and a two-hundred day moving average price of $38.62. The firm has a market cap of $25.23 billion, a P/E ratio of -58.43, a PEG ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, analysts forecast that DraftKings will post -0.95 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 963,742 shares of company stock worth $38,082,888. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after buying an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new stake in DraftKings during the third quarter worth approximately $28,028,000. Janney Montgomery Scott LLC boosted its holdings in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the period. 37.70% of the stock is 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.