DraftKings (NASDAQ:DKNG) Receives Buy Rating from Needham & Company LLC

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $60.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 41.38% from the stock’s previous close.

DKNG has been the topic of several other reports. Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

DraftKings Trading Up 0.5 %

DraftKings stock opened at $42.44 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The business’s 50-day simple moving average is $40.37 and its 200-day simple moving average is $38.35. The firm has a market capitalization of $37.37 billion, a PE ratio of -48.23, a PEG ratio of 3.14 and a beta of 1.93. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts forecast that DraftKings will post -0.93 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock valued at $38,082,888 over the last quarter. 48.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently made changes to their positions in the stock. Pine Valley Investments Ltd Liability Co grew its position in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the last quarter. Claro Advisors LLC raised its stake in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after buying an additional 264 shares during the period. Allworth Financial LP raised its stake in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after buying an additional 271 shares during the period. Global Retirement Partners LLC raised its stake in shares of DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares during the last quarter. Finally, Westside Investment Management Inc. increased its position in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after acquiring an additional 288 shares during 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.