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

Needham & Company LLC reaffirmed their buy rating on shares of DraftKings (NASDAQ:DKNGFree Report) in a research report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $60.00 price target on the stock.

A number of other research analysts have also recently commented on the stock. Morgan Stanley raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Mizuho upped their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price objective on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, JMP Securities lowered their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

View Our Latest Report on DKNG

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $42.28 on Friday. The firm has a market capitalization of $20.62 billion, a price-to-earnings ratio of -48.04, a PEG ratio of 3.18 and a beta of 1.93. DraftKings has a one year low of $28.69 and a one year high of $49.57. The business has a fifty day simple moving average of $40.35 and a 200 day simple moving average of $38.40. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNGGet Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Sell-side analysts expect that DraftKings will post -0.95 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock worth $38,082,888 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after purchasing an additional 284,131 shares during the period. Baillie Gifford & Co. bought a new stake in DraftKings during the 4th quarter worth about $246,765,000. FMR LLC boosted its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Fred Alger Management LLC boosted its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after acquiring an additional 236,427 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

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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.

See Also

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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