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

Needham & Company LLC restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $60.00 price objective on the stock.

Other equities research analysts have also issued research reports about the company. Oppenheimer lowered their price objective on DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a report on Monday, August 5th. Guggenheim lowered their price objective on DraftKings from $53.00 to $52.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Wells Fargo & Company lowered their price objective on DraftKings from $53.00 to $47.00 and set an overweight rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a report on Monday, August 5th. Finally, Susquehanna lifted their price objective on DraftKings from $47.00 to $48.00 and gave the company a positive rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $49.78.

DraftKings Stock Up 1.2 %

DKNG opened at $38.24 on Monday. The stock has a market capitalization of $33.24 billion, a P/E ratio of -32.41 and a beta of 1.80. DraftKings has a one year low of $25.73 and a one year high of $49.57. The business’s 50-day simple moving average is $35.28 and its 200-day simple moving average is $39.54. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) EPS. Analysts anticipate that DraftKings will post -0.31 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock worth $44,784,070 in the last ninety days. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new position in DraftKings in the 1st quarter valued at about $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings in the 1st quarter valued at about $33,000. Transcendent Capital Group LLC purchased a new position in DraftKings in the 4th quarter valued at about $26,000. Concord Wealth Partners boosted its position in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after buying an additional 498 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.