Needham & Company LLC Reaffirms “Buy” Rating for DraftKings (NASDAQ:DKNG)

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

A number of other equities analysts also recently issued reports on the stock. UBS Group increased their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a buy rating in a report on Wednesday, September 4th. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an outperform rating for the company in a research note on Friday, August 2nd. Berenberg Bank upgraded DraftKings to a hold rating in a research report on Friday, May 31st. BNP Paribas raised shares of DraftKings from an underperform rating to a neutral rating and set a $35.00 price objective on the stock in a research note on Tuesday, September 10th. Finally, Bank of America reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a buy rating on the stock in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $49.78.

DraftKings Stock Down 2.3 %

DKNG stock opened at $38.07 on Monday. The stock has a market cap of $33.09 billion, a P/E ratio of -32.26 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a twelve month low of $25.73 and a twelve month high of $49.57. The company’s 50 day moving average is $35.35 and its two-hundred day moving average is $39.50.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company earned ($0.17) earnings per share. The company’s revenue was up 26.2% compared to the same quarter last year. Research analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction 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 company’s stock in a transaction on Thursday, August 8th. The shares were 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 owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently added to or reduced their stakes in the company. Winthrop Advisory Group LLC lifted its stake in shares of DraftKings by 2.4% in the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after acquiring an additional 244 shares in the last quarter. ST Germain D J Co. Inc. raised its position in shares of DraftKings by 26.3% in the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after purchasing an additional 250 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the last quarter. Sfmg LLC grew its position in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after buying an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its stake in shares of DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.