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 note issued on Friday,Benzinga reports. They currently have a $60.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 29.17% from the stock’s current price.

Several other brokerages have also recently issued reports on DKNG. Mizuho lifted their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of DraftKings in a report on Tuesday, January 7th. Morgan Stanley boosted their price target 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. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company boosted their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.96.

DraftKings Stock Performance

DKNG stock opened at $46.45 on Friday. The company has a market capitalization of $22.65 billion, a P/E ratio of -52.78, a PEG ratio of 3.18 and a beta of 1.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a 50-day simple moving average of $40.36 and a 200 day simple moving average of $38.62. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Sell-side analysts predict that DraftKings will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 963,742 shares of company stock valued at $38,082,888. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

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