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

Needham & Company LLC restated their buy rating on shares of DraftKings (NASDAQ:DKNG - Free Report) in a report issued on Monday, Benzinga reports. They currently have a $60.00 target price on the stock.

Other equities research analysts also recently issued research reports about the stock. Macquarie restated an outperform rating and issued a $50.00 price target on shares of DraftKings in a research report on Monday, August 26th. Susquehanna increased their target price on DraftKings from $47.00 to $48.00 and gave the company a positive rating in a report on Wednesday, September 4th. Berenberg Bank upgraded DraftKings to a hold rating in a report on Friday, May 31st. Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a research report on Monday, July 22nd. Finally, Wells Fargo & Company decreased their price objective on DraftKings from $53.00 to $47.00 and set an overweight rating for the company in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $49.78.

DraftKings Price Performance

Shares of DKNG traded up $0.44 during trading hours on Monday, hitting $38.24. 8,603,653 shares of the company were exchanged, compared to its average volume of 10,704,305. The firm has a fifty day simple moving average of $35.27 and a 200-day simple moving average of $39.58. The company has a market capitalization of $33.24 billion, a PE 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 one year low of $25.73 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) EPS. DraftKings's revenue was up 26.2% on a year-over-year basis. As a group, sell-side analysts predict that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 668,890 shares of the business's stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares in the company, valued at $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Liberman sold 668,890 shares of the firm's stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company's stock, valued at $7,997,504.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company's stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,537 shares of company stock worth $44,784,070 over the last 90 days. Insiders own 51.19% of the company's stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in DraftKings in the 2nd quarter valued at $1,530,000. Coronation Fund Managers Ltd. raised its position in shares of DraftKings by 6.9% during the second quarter. Coronation Fund Managers Ltd. now owns 296,419 shares of the company's stock valued at $11,314,000 after buying an additional 19,127 shares during the last quarter. Truist Financial Corp lifted its stake in shares of DraftKings by 3.4% in the second quarter. Truist Financial Corp now owns 122,608 shares of the company's stock valued at $4,680,000 after buying an additional 3,975 shares during the period. EP Wealth Advisors LLC grew its position in DraftKings by 22.6% during the second quarter. EP Wealth Advisors LLC now owns 8,684 shares of the company's stock worth $331,000 after buying an additional 1,602 shares in the last quarter. Finally, Quarry LP acquired a new stake in DraftKings during the second quarter worth about $87,000. 37.70% of the stock is owned by institutional investors.

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.