Benchmark Reiterates "Buy" Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Benchmark in a report issued on Tuesday, MarketBeat reports. They currently have a $50.00 price objective on the stock, up from their previous price objective of $45.00. Benchmark's price objective suggests a potential upside of 14.36% from the company's previous close.

A number of other analysts have also weighed in on the stock. Cowen restated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Susquehanna raised their price objective on shares of DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a research note on Monday, May 12th. Citigroup restated a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Truist Financial reduced their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus reduced their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.10.

DraftKings Stock Down 0.5%

Shares of DraftKings stock traded down $0.22 during trading on Tuesday, hitting $43.72. The company's stock had a trading volume of 4,730,937 shares, compared to its average volume of 9,699,973. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The company has a fifty day simple moving average of $38.82 and a two-hundred day simple moving average of $38.77. The company has a market capitalization of $38.88 billion, a PE ratio of -52.67, a P/E/G ratio of 1.37 and a beta of 1.67. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider owned 504,381 shares of the company's stock, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider directly owned 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock worth $19,748,622 over the last ninety days. Company insiders own 51.19% of the company's stock.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently modified their holdings of DKNG. Janus Henderson Group PLC increased its position in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Norges Bank bought a new stake in DraftKings in the fourth quarter worth $276,328,000. FMR LLC increased its position in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. AQR Capital Management LLC increased its position in DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after purchasing an additional 4,486,488 shares during the last quarter. Finally, Eminence Capital LP increased its position in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after purchasing an additional 3,423,909 shares during 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.