Needham & Company LLC Reiterates Buy Rating for DraftKings (NASDAQ:DKNG)

Needham & Company LLC reaffirmed their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Monday morning, Benzinga reports. Needham & Company LLC currently has a $60.00 price target on the stock.

A number of other equities analysts have also recently commented on DKNG. Berenberg Bank raised DraftKings to a hold rating in a report on Friday, May 31st. Susquehanna upped their target price on DraftKings from $47.00 to $48.00 and gave the company a positive rating in a report on Wednesday, September 4th. Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a research report on Monday, July 22nd. Macquarie reissued an outperform rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. Finally, Oppenheimer decreased their target price on DraftKings from $58.00 to $55.00 and set an outperform rating for the company in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $49.52.

DraftKings Trading Up 2.8 %

Shares of DKNG stock opened at $36.11 on Monday. The stock has a market cap of $31.39 billion, a P/E ratio of -30.60 and a beta of 1.80. DraftKings has a 1 year low of $25.73 and a 1 year 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 simple moving average of $35.22 and a 200 day simple moving average of $39.68.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.17) EPS. On average, research analysts predict that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harry Sloan sold 250,000 shares of DraftKings 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 sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in DraftKings during the fourth quarter worth about $26,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new position in DraftKings in the 1st quarter worth approximately $33,000. Concord Wealth Partners grew its stake in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd bought a new stake in DraftKings during the 2nd quarter valued at $38,000. 37.70% of the stock is currently owned by institutional investors.

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.