DraftKings (NASDAQ:DKNG) Rating Reiterated by Needham & Company LLC

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 54.04% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Oppenheimer cut their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Bank of America decreased 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. The Goldman Sachs Group dropped their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Morgan Stanley restated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research note on Wednesday, September 11th. Finally, Macquarie reiterated an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.78.

DraftKings Trading Up 1.9 %

NASDAQ:DKNG opened at $38.95 on Monday. The stock has a market capitalization of $33.86 billion, a price-to-earnings ratio of -33.01 and a beta of 1.80. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. 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 firm has a 50 day moving average of $35.33 and a 200 day moving average of $39.51.

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

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock valued at $44,784,070 in the last three months. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Large investors have recently bought and sold shares of the business. RDA Financial Network purchased a new position in shares of DraftKings during the 1st quarter worth $232,000. LRI Investments LLC acquired a new position in DraftKings in the 1st quarter valued at about $31,000. CreativeOne Wealth LLC acquired a new position in DraftKings in the 1st quarter valued at about $297,000. Janney Montgomery Scott LLC increased its holdings in shares of DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock worth $7,917,000 after buying an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of DraftKings by 1.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after buying an additional 1,021 shares during the period. 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.