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

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 49.51% from the company’s previous close.

Several other analysts also recently weighed in on DKNG. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Wells Fargo & Company raised their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Macquarie reiterated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Monday, August 26th. Stifel Nicolaus reissued a “buy” rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, Mizuho lifted their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

DraftKings Stock Up 3.0 %

DKNG stock opened at $40.13 on Friday. The company has a market cap of $35.26 billion, a price-to-earnings ratio of -45.09 and a beta of 1.82. The company has a fifty day moving average price of $37.66 and a 200 day moving average price of $37.93. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Sell-side analysts expect that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the business. LRI Investments LLC purchased a new position in DraftKings during the first quarter worth about $31,000. Alta Advisers Ltd acquired a new position in shares of DraftKings during the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings during the 2nd quarter worth about $39,000. St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings in the second quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in DraftKings in the third quarter valued at approximately $46,000. 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.