Benchmark Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price boosted by research analysts at Benchmark from $44.00 to $51.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 37.83% from the company’s previous close.

Several other brokerages also recently weighed in on DKNG. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Piper Sandler reiterated an “overweight” rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Down 6.1 %

Shares of DKNG traded down $2.41 during mid-day trading on Monday, reaching $37.00. The company’s stock had a trading volume of 2,606,993 shares, compared to its average volume of 9,559,393. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61. The company’s fifty day moving average price is $42.06 and its two-hundred day moving average price is $40.07. The stock has a market cap of $18.13 billion, a PE ratio of -34.68, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the sale, the insider now owns 4,140,509 shares in the company, valued at approximately $168,146,070.49. The trade was a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,554,992 shares of company stock worth $108,362,948. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DKNG. Raiffeisen Bank International AG purchased a new position in DraftKings in the 4th quarter worth about $25,000. Stonebridge Financial Group LLC purchased a new position in DraftKings in the fourth quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the 4th quarter worth $30,000. Finally, Synergy Investment Management LLC bought a new position in shares of DraftKings in the fourth quarter worth about $37,000. 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.