DraftKings (NASDAQ:DKNG) Receives Buy Rating from Needham & Company LLC

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 53.93% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Oppenheimer decreased their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Morgan Stanley increased their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Bank of America reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.22.

DraftKings Stock Performance

DKNG stock opened at $38.98 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $34.25 billion, a price-to-earnings ratio of -43.80 and a beta of 1.82. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The firm has a 50 day moving average of $37.45 and a two-hundred day moving average of $37.94.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. As a group, equities analysts anticipate that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 in the last quarter. 48.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in DKNG. LRI Investments LLC bought a new stake in DraftKings during the 1st quarter worth about $31,000. Alta Advisers Ltd bought a new position in shares of DraftKings in the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings in the 2nd quarter valued at about $39,000. St. Johns Investment Management Company LLC bought a new position in shares of DraftKings in the 2nd quarter valued at about $46,000. Finally, V Square Quantitative Management LLC bought a new position in shares of DraftKings in the 3rd quarter valued at about $46,000. Institutional investors own 37.70% of the company’s stock.

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.