DraftKings' (DKNG) Buy Rating Reaffirmed at Needham & Company LLC

DraftKings (NASDAQ:DKNG - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $65.00 price target on the stock. Needham & Company LLC's price target points to a potential upside of 79.26% from the stock's previous close.

Other analysts have also issued reports about the stock. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. TD Cowen cut their target price 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. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Mizuho dropped their price target on shares of DraftKings from $62.00 to $59.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Finally, Guggenheim reduced their price objective on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $55.18.

DraftKings Stock Performance

Shares of DKNG stock traded up $0.91 during trading hours on Friday, reaching $36.26. The company had a trading volume of 27,367,496 shares, compared to its average volume of 9,833,235. The business has a fifty day moving average price of $35.48 and a 200-day moving average price of $39.30. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $32.02 billion, a PE ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares of the company's stock, valued at $141,521,391.90. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,681,079 shares of company stock worth $112,941,617. 51.19% of the stock is owned by insiders.

Hedge Funds Weigh In On DraftKings

Several institutional investors have recently bought and sold shares of DKNG. Principal Financial Group Inc. lifted its position in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Grassi Investment Management lifted its position in DraftKings by 16.4% during the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company's stock valued at $1,097,000 after purchasing an additional 4,150 shares during the last quarter. Claro Advisors LLC lifted its position in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares during the last quarter. Oak Thistle LLC lifted its holdings in shares of DraftKings by 104.8% in the 4th quarter. Oak Thistle LLC now owns 28,700 shares of the company's stock worth $1,068,000 after acquiring an additional 14,688 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of DraftKings by 172.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock worth $13,540,000 after acquiring an additional 230,252 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.