Needham & Company LLC Increases DraftKings (NASDAQ:DKNG) Price Target to $58.00

DraftKings (NASDAQ:DKNG) had its target price boosted by research analysts at Needham & Company LLC from $54.00 to $58.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 27.73% from the company’s previous close.

Other analysts have also issued research reports about the company. Susquehanna upped their price objective on DraftKings from $51.00 to $54.00 and gave the company a “positive” rating in a report on Monday. Piper Sandler upped their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Wells Fargo & Company upped their price objective on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Truist Financial restated a “buy” rating and issued a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Finally, Morgan Stanley boosted their target price on DraftKings from $40.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $46.43.

DraftKings Trading Up 0.1 %

Shares of DKNG stock opened at $45.41 on Wednesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 1 year low of $17.42 and a 1 year high of $49.57. The stock has a fifty day moving average of $42.43 and a two-hundred day moving average of $36.28. The firm has a market capitalization of $39.35 billion, a PE ratio of -25.95 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted ($0.53) EPS. The company’s revenue was up 43.9% compared to the same quarter last year. As a group, research analysts expect that DraftKings will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last three months. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its stake in shares of DraftKings by 298.2% during the 2nd quarter. Marshall Wace LLP now owns 1,114,676 shares of the company’s stock worth $29,617,000 after acquiring an additional 834,719 shares in the last quarter. Deutsche Bank AG boosted its stake in DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC bought a new stake in DraftKings during the 3rd quarter valued at approximately $209,000. Schonfeld Strategic Advisors LLC boosted its stake in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Asset Management One Co. Ltd. bought a new stake in DraftKings during the 3rd quarter valued at approximately $4,502,000. Institutional investors 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.