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 research report released on Monday,Benzinga reports. The firm currently has a $65.00 price objective on the stock.

Several other research firms also recently weighed in on DKNG. BTIG Research set a $59.00 price objective on DraftKings in a report on Monday, February 3rd. Canaccord Genuity Group increased their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, Stifel Nicolaus lifted their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.69.

DraftKings Stock Performance

DraftKings stock opened at $32.88 on Monday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $16.44 billion, a PE ratio of -31.02, a P/E/G ratio of 1.43 and a beta of 2.16. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The business’s 50-day moving average price is $41.05 and its two-hundred day moving average price is $40.13.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts expect that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the sale, the insider now owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,775,525 shares of company stock worth $117,241,446 in the last quarter. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC grew its holdings in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Norges Bank acquired a new position in DraftKings during the 4th quarter valued at about $276,328,000. FMR LLC increased its holdings in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the fourth quarter worth approximately $246,765,000. Finally, Eminence Capital LP bought a new position in shares of DraftKings in the fourth quarter valued at approximately $65,255,000. 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.