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

DraftKings (NASDAQ:DKNGGet Free Report)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 53.93% from the stock’s previous close.

Several other brokerages have also recently issued reports on DKNG. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 price objective on shares of DraftKings in a research note on Monday, March 25th. The Goldman Sachs Group initiated coverage on DraftKings in a research report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. BTIG Research upped their target price on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $55.00 price target (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Finally, Piper Sandler upped their price objective on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

Get Our Latest Research Report on DKNG

DraftKings Price Performance

Shares of DraftKings stock opened at $38.98 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The business has a 50 day simple moving average of $41.52 and a two-hundred day simple moving average of $40.32. The stock has a market capitalization of $33.88 billion, a P/E ratio of -33.03 and a beta of 1.81. DraftKings has a 12 month low of $24.16 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNGGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted ($0.87) earnings per share. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. As a group, analysts predict that DraftKings will post -0.21 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the transaction, the insider now directly owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 1,450 shares of the firm’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 transaction of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 601,450 shares of company stock worth $25,486,084. Corporate insiders own 48.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale grew its stake in shares of DraftKings by 4.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 28,825 shares of the company’s stock worth $1,336,000 after purchasing an additional 1,195 shares in the last quarter. Tactive Advisors LLC acquired a new position in shares of DraftKings during the 1st quarter worth about $332,000. EULAV Asset Management increased its holdings in shares of DraftKings by 10.8% in the 1st quarter. EULAV Asset Management now owns 257,000 shares of the company’s stock valued at $11,670,000 after acquiring an additional 25,000 shares during the last quarter. Cetera Advisors LLC raised its position in shares of DraftKings by 41.9% during the 1st quarter. Cetera Advisors LLC now owns 301,805 shares of the company’s stock worth $13,705,000 after acquiring an additional 89,132 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in DraftKings by 215.7% during the first quarter. Cetera Investment Advisers now owns 542,799 shares of the company’s stock worth $24,649,000 after purchasing an additional 370,839 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

(Get Free Report)

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.

See Also

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

Receive News & Ratings for DraftKings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DraftKings and related companies with MarketBeat.com's FREE daily email newsletter.