DraftKings (NASDAQ:DKNG) PT Raised to $52.00

DraftKings (NASDAQ:DKNG) had its price objective boosted by analysts at Benchmark from $50.00 to $52.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 24.34% from the company’s previous close.

Several other research firms have also issued reports on DKNG. UBS Group boosted their price target on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. The Goldman Sachs Group assumed coverage on shares of DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price on the stock. Piper Sandler upped their price target on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Oppenheimer raised their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, Barclays upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.45.

DraftKings Stock Performance

DKNG opened at $41.82 on Friday. The company’s 50 day moving average is $43.58 and its 200 day moving average is $38.78. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company 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 12-month low of $21.07 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the business posted ($0.87) earnings per share. The firm’s revenue was up 52.7% on a year-over-year basis. On average, equities research analysts predict that DraftKings will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 21st. The shares were 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 $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale 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 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 completion of the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 1,086,101 shares of company stock valued at $45,903,509 over the last three months. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

A number of large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in DraftKings in the fourth quarter worth approximately $7,975,000. Deutsche Bank AG raised its holdings in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after acquiring an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in DraftKings in the third quarter worth about $209,000. Schonfeld Strategic Advisors LLC grew its holdings in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after acquiring an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other 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.