DraftKings’ (DKNG) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report released on Tuesday, Benzinga reports. They currently have a $60.00 target price on the stock.

DKNG has been the subject of a number of other reports. Jefferies Financial Group upped their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock a buy rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a research note on Monday, May 6th. Bank of America decreased their target price on DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a research report on Monday, July 22nd. Berenberg Bank raised shares of DraftKings to a hold rating in a report on Friday, May 31st. Finally, Morgan Stanley cut their price target on shares of DraftKings from $51.00 to $47.00 and set an overweight rating for the company in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $49.56.

DraftKings Stock Down 2.5 %

NASDAQ:DKNG opened at $33.65 on Tuesday. The firm has a market capitalization of $29.56 billion, a PE ratio of -28.52 and a beta of 1.81. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a 50 day moving average of $35.40 and a 200-day moving average of $39.86.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company earned ($0.17) earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. Analysts predict that DraftKings will post -0.31 EPS for the current year.

Insider Activity

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 63,206 shares of the business’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 sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,470,537 shares of company stock valued at $54,321,570. 51.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DraftKings

Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its position in DraftKings by 90.9% during the fourth quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company’s stock valued at $3,056,000 after purchasing an additional 41,280 shares in the last quarter. M&T Bank Corp lifted its position in shares of DraftKings by 134.9% during the fourth quarter. M&T Bank Corp now owns 45,571 shares of the company’s stock valued at $1,606,000 after buying an additional 26,172 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,243 shares of the company’s stock valued at $101,916,000 after buying an additional 102,454 shares in the last quarter. Vestor Capital LLC purchased a new position in shares of DraftKings in the 4th quarter worth approximately $4,924,000. Finally, Montag A & Associates Inc. bought a new position in shares of DraftKings during the 4th quarter worth approximately $29,000. 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.