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

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

Several other research analysts also recently issued reports on the company. Bank Of America (Bofa) lifted their price objective on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Benchmark reaffirmed a buy rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, April 24th. BNP Paribas lowered shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price on the stock. in a report on Friday, January 19th. UBS Group lifted their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $55.00 price objective on shares of DraftKings in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $47.45.

DraftKings Price Performance

DKNG stock traded down $1.21 during trading on Friday, reaching $41.82. 27,186,840 shares of the company were exchanged, compared to its average volume of 9,189,177. The stock’s 50 day moving average price is $43.58 and its 200 day moving average price is $38.78. DraftKings has a 52-week low of $21.07 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $36.24 billion, a P/E ratio of -35.44 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the business earned ($0.87) EPS. The company’s quarterly revenue was up 52.7% compared to the same quarter last year. As a group, analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Jericho Capital Asset Management L.P. lifted its position in DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares during the period. Norges Bank bought a new position in DraftKings during the 4th quarter valued at $192,140,000. Ameriprise Financial Inc. increased its position in shares of DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after buying an additional 781,058 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.