DraftKings' (DKNG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of DraftKings (NASDAQ:DKNG - Free Report) in a research note published on Monday,Benzinga reports. Needham & Company LLC currently has a $65.00 price objective on the stock.

Several other research analysts have also commented on the company. Piper Sandler reissued an "overweight" rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. JMP Securities reissued a "market outperform" rating and issued a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price objective on DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $55.04.

DraftKings Trading Down 1.5 %

Shares of NASDAQ DKNG traded down $0.51 during midday trading on Monday, hitting $34.22. The company's stock had a trading volume of 13,135,609 shares, compared to its average volume of 9,792,976. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a market cap of $17.11 billion, a P/E ratio of -32.28, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The business's 50 day moving average is $40.10 and its two-hundred day moving average is $39.89.

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DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts expect that DraftKings will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares of the company's stock, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,575,525 shares of company stock valued at $109,441,446 over the last quarter. Company insiders own 47.08% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of 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 buying an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. raised its stake in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Stifel Financial Corp lifted its position in shares of DraftKings by 27.7% during the third quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock worth $7,669,000 after purchasing an additional 42,431 shares in the last quarter. Bryn Mawr Capital Management LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $874,000. Finally, Highland Capital Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $1,086,000. 37.70% of the stock is owned by institutional investors and hedge funds.

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.