Needham & Company LLC Reiterates Buy Rating for DraftKings (NASDAQ:DKNG)

Needham & Company LLC restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $60.00 target price on the stock.

Several other analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a research note on Monday, May 6th. Jefferies Financial Group increased their price target on shares of DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research note on Monday, May 6th. Wells Fargo & Company decreased their price target on shares of DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research note on Tuesday, June 25th. BMO Capital Markets decreased their price target on shares of DraftKings from $54.00 to $48.00 and set an outperform rating on the stock in a research note on Friday. Finally, UBS Group increased their price target on shares of DraftKings from $56.00 to $60.00 and gave the company a buy rating in a research note on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $47.97.

DraftKings Price Performance

NASDAQ:DKNG traded down $0.42 during mid-day trading on Monday, hitting $31.38. The company’s stock had a trading volume of 10,394,439 shares, compared to its average volume of 10,957,772. DraftKings has a fifty-two week low of $25.41 and a fifty-two week high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $27.28 billion, a price-to-earnings ratio of -27.22 and a beta of 1.81. The stock has a fifty day moving average of $37.56 and a 200-day moving average of $40.99.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) earnings per share. As a group, equities analysts forecast that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 63,206 shares of DraftKings 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 completion of the sale, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock worth $55,279,617 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC grew its position in shares of DraftKings by 1,026.9% in the 2nd quarter. Acadian Asset Management LLC now owns 25,366 shares of the company’s stock valued at $967,000 after acquiring an additional 23,115 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of DraftKings by 1,062.6% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 291,998 shares of the company’s stock worth $11,146,000 after buying an additional 266,881 shares during the period. Lake Street Advisors Group LLC boosted its holdings in shares of DraftKings by 1.4% during the 2nd quarter. Lake Street Advisors Group LLC now owns 210,722 shares of the company’s stock worth $8,043,000 after buying an additional 2,879 shares during the period. Candriam S.C.A. bought a new stake in shares of DraftKings during the 2nd quarter worth about $757,000. Finally, Arizona State Retirement System boosted its holdings in shares of DraftKings by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 117,601 shares of the company’s stock worth $4,489,000 after buying an additional 2,186 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.