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

Needham & Company LLC reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Monday morning, Benzinga reports. Needham & Company LLC currently has a $60.00 price objective on the stock.

DKNG has been the subject of several other reports. BMO Capital Markets decreased their price objective on shares of DraftKings from $54.00 to $48.00 and set an outperform rating for the company in a research report on Friday, August 2nd. Stifel Nicolaus reiterated a buy rating and set a $48.00 price objective (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. BNP Paribas raised shares of DraftKings from an underperform rating to a neutral rating and set a $35.00 price objective on the stock in a report on Tuesday, September 10th. UBS Group raised their target price on DraftKings from $56.00 to $58.00 and gave the stock a buy rating in a research note on Wednesday, September 4th. Finally, Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a buy rating for the company in a research report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of Moderate Buy and a consensus target price of $49.78.

DraftKings Trading Up 0.9 %

NASDAQ:DKNG opened at $39.63 on Monday. The firm has a 50 day moving average of $35.43 and a 200 day moving average of $39.40. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The stock has a market capitalization of $34.45 billion, a price-to-earnings ratio of -33.58 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm earned ($0.17) EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, sell-side analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Jason Robins sold 200,000 shares of the company’s 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 transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 551,647 shares of company stock worth $18,811,071. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently made changes to their positions in the company. LRI Investments LLC acquired a new position in DraftKings in the 1st quarter valued at $31,000. LifeSteps Financial Inc. purchased a new position in shares of DraftKings in the first quarter worth about $33,000. Transcendent Capital Group LLC acquired a new position in DraftKings during the fourth quarter worth about $26,000. Concord Wealth Partners grew its stake in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 shares during the last quarter. Institutional investors and hedge funds 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.