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 issued to investors on Friday morning, Benzinga reports. They currently have a $58.00 target price on the stock.

Several other research firms also recently weighed in on DKNG. Morgan Stanley raised their price objective on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Bank Of America (Bofa) upped their price objective on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. JPMorgan Chase & Co. reiterated an overweight rating and set a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Oppenheimer boosted their target price on shares of DraftKings from $55.00 to $60.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Finally, Truist Financial reaffirmed a buy rating and set a $55.00 price target (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $47.45.

DraftKings Stock Down 2.8 %

Shares of NASDAQ DKNG traded down $1.21 during mid-day trading on Friday, reaching $41.82. 27,186,840 shares of the company’s stock were exchanged, compared to its average volume of 9,189,177. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87. The business has a fifty day simple moving average of $43.58 and a 200 day simple moving average of $38.78. DraftKings has a twelve month low of $21.07 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.87) earnings per share. As a group, equities analysts expect that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,086,101 shares of company stock valued at $45,903,509. 51.19% of the stock is owned by company insiders.

Institutional Trading of DraftKings

Several institutional investors and hedge funds have recently made changes to their positions in DKNG. Winthrop Advisory Group LLC increased its stake in DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the last quarter. ST Germain D J Co. Inc. lifted its holdings in DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after acquiring an additional 250 shares during the period. Fifth Third Bancorp boosted its position in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares during the period. Finally, Signaturefd LLC increased its position in shares of DraftKings by 7.6% during the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after purchasing an additional 379 shares during the last quarter. 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.