DraftKings (NASDAQ:DKNG) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Monday, Benzinga reports. They currently have a $50.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. Morgan Stanley boosted their price objective on shares of DraftKings from $35.00 to $36.00 and gave the stock an overweight rating in a report on Friday, October 13th. Stifel Nicolaus boosted their price objective on shares of DraftKings from $25.00 to $32.00 in a report on Thursday, August 3rd. UBS Group boosted their price objective on shares of DraftKings from $39.00 to $44.00 and gave the stock a buy rating in a report on Tuesday, November 7th. JPMorgan Chase & Co. upgraded shares of DraftKings from a neutral rating to an overweight rating and boosted their price objective for the stock from $26.00 to $37.00 in a report on Tuesday, September 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of DraftKings from $24.00 to $27.00 and gave the stock a hold rating in a report on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $35.43.

DraftKings Trading Up 1.9 %

Shares of DraftKings stock opened at $37.31 on Monday. The firm has a market cap of $32.06 billion, a PE ratio of -17.11 and a beta of 1.81. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.29 and a quick ratio of 1.29. DraftKings has a 1 year low of $10.69 and a 1 year high of $38.03. The company has a 50 day simple moving average of $30.38 and a two-hundred day simple moving average of $28.17.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $35.82, for a total value of $3,780,944.28. Following the sale, the insider now directly owns 652,984 shares of the company’s stock, valued at approximately $23,389,886.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, insider Jason Robins sold 250,000 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $27.00, for a total transaction of $6,750,000.00. Following the transaction, the insider now owns 3,788,962 shares in the company, valued at approximately $102,301,974. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $35.82, for a total transaction of $3,780,944.28. Following the transaction, the insider now owns 652,984 shares in the company, valued at approximately $23,389,886.88. The disclosure for this sale can be found here. Insiders have sold 717,193 shares of company stock valued at $21,265,674 in the last three months. 55.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning lifted its stake in DraftKings by 3.5% during the 3rd quarter. Creative Planning now owns 84,881 shares of the company’s stock valued at $2,499,000 after acquiring an additional 2,891 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of DraftKings by 2.5% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 26,563 shares of the company’s stock worth $782,000 after purchasing an additional 640 shares during the period. Toroso Investments LLC lifted its stake in shares of DraftKings by 139.2% in the 3rd quarter. Toroso Investments LLC now owns 84,252 shares of the company’s stock worth $2,480,000 after purchasing an additional 49,036 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of DraftKings by 33.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 23,800 shares of the company’s stock worth $701,000 after purchasing an additional 5,899 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of DraftKings by 36.0% in the 3rd quarter. Royal Bank of Canada now owns 649,579 shares of the company’s stock worth $19,123,000 after purchasing an additional 172,055 shares during the period. Institutional investors own 32.84% of the company’s stock.

About DraftKings

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.