DraftKings (NASDAQ:DKNG) Receives “Buy” Rating from Needham & Company LLC

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They presently have a $60.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 52.75% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Morgan Stanley reissued an “overweight” rating and issued a $47.00 price objective on shares of DraftKings in a research note on Wednesday, September 11th. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Macquarie reissued an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. BMO Capital Markets decreased their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Barclays cut their target price on DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

DraftKings Stock Up 0.0 %

Shares of DKNG opened at $39.28 on Monday. The stock has a market capitalization of $34.14 billion, a price-to-earnings ratio of -33.29 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 debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day moving average of $35.42 and a 200-day moving average of $39.42.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share 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 company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the business posted ($0.17) earnings per share. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on 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 owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,537 shares of company stock worth $44,784,070 over the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

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

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.