DraftKings (NASDAQ:DKNG) Price Target Increased to $58.00 by Analysts at Needham & Company LLC

DraftKings (NASDAQ:DKNG) had its target price raised by Needham & Company LLC from $54.00 to $58.00 in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. UBS Group upped their price objective on DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Piper Sandler increased their target price on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, February 13th. Mizuho initiated coverage on DraftKings in a research report on Tuesday. They issued a buy rating and a $58.00 target price for the company. BMO Capital Markets increased their target price on DraftKings from $43.00 to $51.00 and gave the company an outperform rating in a research report on Friday, February 16th. Finally, Bank Of America (Bofa) increased their target price on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $45.14.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $45.35 on Wednesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The stock’s fifty day moving average price is $42.27 and its two-hundred day moving average price is $36.21. DraftKings has a one year low of $17.42 and a one year high of $49.57. The firm has a market cap of $39.30 billion, a price-to-earnings ratio of -25.91 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period last year, the company posted ($0.53) earnings per share. On average, equities analysts forecast that DraftKings will post -0.24 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the sale, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,596,101 shares of company stock worth $65,685,509. 55.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently made changes to their positions in DKNG. AJ Wealth Strategies LLC purchased a new position in shares of DraftKings in the first quarter valued at $306,000. MetLife Investment Management LLC purchased a new position in DraftKings during the first quarter worth about $387,000. Panagora Asset Management Inc. grew its position in DraftKings by 49.0% during the first quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock worth $584,000 after buying an additional 9,866 shares in the last quarter. Cibc World Market Inc. grew its position in DraftKings by 26.2% during the first quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock worth $423,000 after buying an additional 4,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in DraftKings by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock worth $963,000 after buying an additional 1,270 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other 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.