Needham & Company LLC Reiterates Buy Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They presently have a $60.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 75.75% from the stock’s current price.

A number of other equities analysts have also commented on DKNG. Benchmark decreased their price objective on shares of DraftKings from $52.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group lifted their target price on shares of DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Macquarie reduced their price objective on shares of DraftKings from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Wells Fargo & Company reduced their price objective on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Finally, Berenberg Bank raised shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.44.

DraftKings Trading Up 6.5 %

DraftKings stock opened at $34.14 on Wednesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $29.68 billion, a price-to-earnings ratio of -28.93 and a beta of 1.81. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57. The firm’s 50 day moving average price is $36.78 and its two-hundred day moving average price is $40.56.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping 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 49.31%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the business posted ($0.17) earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. On average, research analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated 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 $244,758.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of 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 sold 1,383,546 shares of company stock valued at $52,889,617 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new stake in DraftKings during the fourth quarter worth about $26,000. Montag A & Associates Inc. bought a new stake in DraftKings during the fourth quarter worth about $29,000. LRI Investments LLC bought a new stake in DraftKings during the first quarter worth about $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings during the first quarter worth about $33,000. Finally, Concord Wealth Partners grew its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares during the last quarter. 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.