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 research report issued on Friday,Benzinga reports. They presently have a $60.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 41.38% from the company’s current price.

A number of other research analysts have also commented on DKNG. JMP Securities lowered their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, January 6th. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Tuesday, January 7th. Finally, Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

DraftKings Trading Up 0.5 %

Shares of DraftKings stock opened at $42.44 on Friday. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The firm has a market cap of $37.37 billion, a PE ratio of -48.23, a PEG ratio of 3.14 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day simple moving average of $40.37 and a two-hundred day simple moving average of $38.35.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Analysts expect that DraftKings will post -0.93 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was 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 of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 963,742 shares of company stock valued at $38,082,888. 48.94% of the stock is owned by insiders.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the period. Mizuho Securities USA LLC purchased a new position in DraftKings during the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC boosted its holdings in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after acquiring an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after acquiring an additional 350,215 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

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.