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

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

DKNG has been the subject of several other reports. Jefferies Financial Group boosted their price target on DraftKings from $52.00 to $54.00 and gave the company a buy rating in a research note on Monday, May 6th. Macquarie cut their target price on DraftKings from $52.00 to $50.00 and set an outperform rating for the company in a research note on Monday, August 5th. Berenberg Bank upgraded DraftKings to a hold rating in a research note on Friday, May 31st. Truist Financial restated a buy rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday. Finally, Susquehanna cut their target price on DraftKings from $49.00 to $47.00 and set a positive rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $49.44.

DraftKings Trading Up 2.0 %

Shares of DKNG stock opened at $32.06 on Wednesday. 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 stock has a market cap of $27.87 billion, a P/E ratio of -27.17 and a beta of 1.81. The stock has a 50 day simple moving average of $36.85 and a 200 day simple moving average of $40.61. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.17) earnings per share. On average, research analysts predict that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the transaction, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The disclosure for this sale can be found here. Insiders sold 1,383,546 shares of company stock worth $52,889,617 over the last three months. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Transcendent Capital Group LLC bought a new position in DraftKings in the 4th quarter valued at about $26,000. Montag A & Associates Inc. bought a new position in DraftKings in the 4th quarter valued at about $29,000. LRI Investments LLC bought a new position in DraftKings in the 1st quarter valued at about $31,000. LifeSteps Financial Inc. bought a new position in DraftKings in the 1st quarter valued at about $33,000. Finally, Concord Wealth Partners lifted its position in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. 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.