DraftKings (NASDAQ:DKNG) Rating Reiterated by Needham & Company LLC

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $60.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 58.73% from the company’s previous close.

Several other analysts also recently weighed in on the stock. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a report on Tuesday, September 10th. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Morgan Stanley reiterated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Oppenheimer dropped their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $49.78.

DraftKings Stock Down 2.0 %

Shares of NASDAQ DKNG opened at $37.80 on Monday. The company has a 50 day simple moving average of $35.27 and a 200-day simple moving average of $39.58. The company has a market capitalization of $32.86 billion, a P/E ratio of -32.03 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57.

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

Insider Buying and Selling

In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock worth $44,784,070 over the last 90 days. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DKNG. Norges Bank acquired a new position in DraftKings during the fourth quarter worth approximately $192,140,000. Marshall Wace LLP increased its holdings in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. First Trust Advisors LP increased its holdings in shares of DraftKings by 148.2% in the fourth 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 during the period. Eagle Asset Management Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $87,829,000. Finally, Vanguard Group Inc. increased its holdings in shares of DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. Institutional investors and hedge funds 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.