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

Needham & Company LLC reissued their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Friday morning,Benzinga reports. They currently have a $65.00 target price on the stock.

Other equities research analysts also recently issued reports about the stock. BTIG Research lowered their target price on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Benchmark upped their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Piper Sandler restated an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Truist Financial cut their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.18.

DraftKings Trading Up 2.6%

Shares of DKNG stock opened at $36.26 on Friday. The company has a market capitalization of $32.02 billion, a PE ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61. The business’s fifty day moving average is $35.48 and its 200 day moving average is $39.30. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts anticipate that DraftKings will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,681,079 shares of company stock worth $112,941,617. 51.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. boosted its position in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC purchased a new stake in DraftKings in the fourth quarter worth $874,000. Highland Capital Management LLC bought a new position in DraftKings in the fourth quarter worth $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in DraftKings by 18.2% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after buying an additional 6,059 shares during the period. 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.