DraftKings (NASDAQ:DKNG) Earns "Buy" Rating from Needham & Company LLC

DraftKings (NASDAQ:DKNG - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC's price objective would suggest a potential upside of 78.31% from the company's previous close.

A number of other equities analysts have also recently issued reports on the company. Truist Financial restated a "buy" rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Stifel Nicolaus reaffirmed a "buy" rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. BTIG Research increased their price target on shares of DraftKings from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, May 6th. UBS Group lifted their price target on shares of DraftKings from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, May 15th. Finally, Susquehanna decreased their price objective on shares of DraftKings from $49.00 to $47.00 and set a "positive" rating on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.56.

DraftKings Price Performance

Shares of DKNG traded down $0.85 during trading hours on Tuesday, hitting $33.65. 7,665,233 shares of the company were exchanged, compared to its average volume of 10,765,119. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a market cap of $29.56 billion, a price-to-earnings ratio of -28.52 and a beta of 1.81. The firm's fifty day moving average is $35.40 and its 200 day moving average is $39.86. DraftKings has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings's revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.17) EPS. On average, equities analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 1,450 shares of the company's stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares of the company's stock, valued at approximately $244,758.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Harry Sloan sold 250,000 shares of the firm's stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jocelyn Moore sold 1,450 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now owns 6,814 shares of the company's stock, valued at approximately $244,758.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,471,987 shares of company stock worth $54,373,654. 51.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DKNG. RDA Financial Network purchased a new stake in DraftKings in the first quarter valued at about $232,000. LRI Investments LLC purchased a new position in DraftKings during the first quarter valued at $31,000. CreativeOne Wealth LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $297,000. Janney Montgomery Scott LLC increased its stake in shares of DraftKings by 135.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company's stock worth $7,917,000 after purchasing an additional 129,294 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of DraftKings by 1.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company's stock worth $2,045,000 after purchasing an additional 1,021 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.