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

Needham & Company LLC reaffirmed their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage currently has a $58.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. reiterated an overweight rating and issued a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Morgan Stanley increased their target price on DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Stifel Nicolaus upgraded DraftKings from a hold rating to a buy rating and boosted their price target for the stock from $40.00 to $45.00 in a research note on Friday, January 19th. Bank Of America (Bofa) increased their price objective on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Finally, Truist Financial reissued a buy rating and issued a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $49.07.

DraftKings Trading Up 5.4 %

NASDAQ:DKNG opened at $44.07 on Friday. The firm has a market capitalization of $38.19 billion, a P/E ratio of -37.35 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a one year low of $22.65 and a one year high of $49.57. The company’s 50-day simple moving average is $43.66 and its 200 day simple moving average is $39.03.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.87) EPS. As a group, analysts forecast that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,086,101 shares of company stock worth $45,903,509. 48.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Highlander Capital Management LLC increased its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the last quarter. LifeSteps Financial Inc. bought a new stake in shares of DraftKings in the 1st quarter valued at approximately $33,000. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the 4th quarter worth approximately $26,000. Concord Wealth Partners raised its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the period. Finally, Montag A & Associates Inc. bought a new stake in DraftKings in the fourth quarter worth $29,000. 37.70% of the stock is currently owned by 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.