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

Needham & Company LLC reiterated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Monday morning, Benzinga reports. They currently have a $60.00 target price on the stock.

A number of other equities analysts have also commented on the company. Berenberg Bank raised DraftKings to a hold rating in a report on Friday, May 31st. Wells Fargo & Company decreased their price target on DraftKings from $53.00 to $47.00 and set an overweight rating on the stock in a research report on Monday, August 5th. Truist Financial restated a buy rating and issued a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Oppenheimer decreased their target price on shares of DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a report on Monday, August 5th. Finally, Morgan Stanley reissued an overweight rating and issued a $47.00 price target on shares of DraftKings in a report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $49.78.

DraftKings Trading Up 5.0 %

Shares of DraftKings stock opened at $41.10 on Monday. The stock has a market capitalization of $36.11 billion, a P/E ratio of -34.83 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’s 50-day simple moving average is $35.41 and its 200 day simple moving average is $39.38.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. As a group, research analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 551,647 shares of company stock worth $18,811,071. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after acquiring an additional 747,937 shares in the last quarter. Marshall Wace LLP raised its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares during the period. First Trust Advisors LP boosted its stake in shares of DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after buying an additional 663,427 shares during the period. 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.