DraftKings (NASDAQ:DKNG) Given "Buy" Rating at Benchmark

DraftKings (NASDAQ:DKNG - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Benchmark in a note issued to investors on Tuesday,Benzinga reports. They currently have a $44.00 price objective on the stock. Benchmark's target price would suggest a potential upside of 17.77% from the company's previous close.

DKNG has been the subject of a number of other reports. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, November 11th. BNP Paribas raised DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. TD Cowen upped their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Finally, Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company's stock. According to MarketBeat, DraftKings has an average rating of "Moderate Buy" and an average price target of $50.92.

DraftKings Trading Up 0.3 %

Shares of DKNG traded up $0.11 during trading on Tuesday, reaching $37.36. 9,423,418 shares of the company traded hands, compared to its average volume of 8,053,593. The stock has a 50-day simple moving average of $40.32 and a 200-day simple moving average of $37.90. The company has a quick ratio of 1.00, a current 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 $49.57. The stock has a market cap of $32.90 billion, a PE ratio of -42.45 and a beta of 1.90.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, analysts anticipate that DraftKings will post -0.79 earnings per share for the current year.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 852,183 shares of company stock valued at $33,503,025 over the last quarter. Corporate insiders own 51.19% of the company's stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP boosted its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company's stock worth $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after buying an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in DraftKings in the 2nd quarter valued at about $39,306,000. Finally, AQR Capital Management LLC increased its holdings in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company's stock valued at $144,905,000 after acquiring an additional 870,789 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

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.