DraftKings’ (DKNG) “Buy” Rating Reiterated at Needham & Company LLC

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

Other equities research analysts also recently issued reports about the stock. Morgan Stanley lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. UBS Group upped their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Macquarie reaffirmed an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. Finally, Wells Fargo & Company raised their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $50.48.

DraftKings Price Performance

Shares of DKNG opened at $43.21 on Friday. The company’s 50-day moving average is $37.83 and its 200-day moving average is $37.92. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $37.96 billion, a PE ratio of -49.10 and a beta of 1.82. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly 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). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts forecast that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction 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 directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of DraftKings by 10.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,982 shares of the company’s stock worth $771,000 after buying an additional 1,648 shares in the last quarter. Empowered Funds LLC bought a new position in DraftKings during the first quarter worth $241,000. Oppenheimer & Co. Inc. grew its holdings in DraftKings by 18.8% in the first quarter. Oppenheimer & Co. Inc. now owns 118,905 shares of the company’s stock worth $5,399,000 after purchasing an additional 18,838 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in DraftKings in the first quarter valued at $434,000. Finally, Forsta AP Fonden boosted its position in shares of DraftKings by 9.6% during the 1st quarter. Forsta AP Fonden now owns 91,700 shares of the company’s stock worth $4,164,000 after purchasing an additional 8,000 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.