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

Needham & Company LLC reiterated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report released on Friday morning, Benzinga reports. The brokerage currently has a $58.00 target price on the stock.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus raised shares of DraftKings from a hold rating to a buy rating and raised their target price for the company from $40.00 to $45.00 in a research note on Friday, January 19th. The Goldman Sachs Group started coverage on shares of DraftKings in a report on Tuesday, April 16th. They issued a buy rating and a $60.00 target price on the stock. Truist Financial reiterated a buy rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Wells Fargo & Company raised their price target on DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. Finally, Moffett Nathanson lifted their price objective on DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has an average rating of Moderate Buy and a consensus price target of $47.45.

DraftKings Price Performance

Shares of DKNG stock opened at $41.82 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The business’s 50 day moving average price is $43.58 and its 200-day moving average price is $38.92. DraftKings has a fifty-two week low of $21.07 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. DraftKings’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.87) EPS. On average, sell-side analysts forecast that DraftKings will post -0.24 EPS for the current year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the firm’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 of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold a total of 1,086,101 shares of company stock valued at $45,903,509 over the last 90 days. 48.94% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

Several institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of DraftKings during the 4th quarter worth approximately $7,975,000. Deutsche Bank AG grew its holdings in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in DraftKings during the 3rd quarter valued at about $209,000. Schonfeld Strategic Advisors LLC increased its position in shares of DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after acquiring an additional 64,186 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of DraftKings by 1.1% during the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

About DraftKings

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.