Needham & Company LLC Reaffirms Buy Rating on DraftKings (NASDAQ:DKNG)

DraftKings logo with consumer discretionary background

DraftKings (NASDAQ:DKNG – Get Free Report)Research analysts at Needham & Company LLC reiterated a “buy” rating on the stock in a note to investors on Tuesday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 39.98% from the company’s previous closing price.

DKNG has been the subject of a number of other reports. JPMorgan Chase & Co. upgraded shares of DraftKings from “neutral” to “overweight” and raised their price objective for the company from $26.00 to $37.00 in a report on Tuesday, September 26th. Craig Hallum raised their price objective on shares of DraftKings from $40.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, November 15th. JMP Securities reiterated a “market outperform” rating and set a $39.00 price target on shares of DraftKings in a report on Monday, September 25th. Morgan Stanley increased their price objective on DraftKings from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, October 13th. Finally, UBS Group increased their price target on DraftKings from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.86.

Read our latest analysis on DraftKings

DraftKings Trading Rises 1.7%

DraftKings shares opened at $35.72 on Tuesday. The company has a 50-day simple moving average of $34.36 and a 200-day simple moving average of $30.72. DraftKings has a 12-month low of $10.69 and a 12-month high of $39.35. The company has a current ratio of 1.29, a short-term ratio of 1.29 and a debt-to-equity ratio of 1.56. The stock has a market cap of $30.69 billion, a price-to-earnings ratio of -16.39 and a beta of 1.91.

DraftKings (NASDAQ:DKNG – Get Free Report) last posted its earnings results on Thursday, November 2nd. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.08. DraftKings had a negative net margin of 30.41% and a negative return on equity of 96.17%. The company had revenue of $789.96 million for the quarter, compared to analysts’ expectations of $702.26 million. On average, equity analysts forecast that DraftKings will report earnings per share of -1.47 for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 238,629 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $35.65, for a total value of $8,507,123.85. Following the sale, the insider now owns 3,760,519 shares in the company, valued at $134,062,502.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 238,629 shares of DraftKings stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $35.65, for a total transaction of $8,507,123.85. Following the completion of the sale, the insider now owns 3,760,519 shares in the company, valued at approximately $134,062,502.35. The transaction was disclosed in a document filed with the SEC, which is available on the SEC website. Also, CFO Jason Park sold 750,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $38.27, for a total transaction of $28,702,500.00. Following the completion of the transaction, the CFO now directly owns 105,217 shares of the company’s stock, valued at approximately $4,026,654.59. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,408,800 shares of company stock worth $87,716,006. Insiders own 55.92% of the company’s shares.

Institutional trading with DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of DraftKings by 0.3% in the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after purchasing an additional 109,406 shares during the period. Whale Rock Capital Management LLC acquired a new stake in shares of DraftKings in the second quarter valued at $215,687,000. Jericho Capital Asset Management LP increased its stake in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management LP now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of DraftKings by 8.9% in the second quarter. Geode Capital Management LLC now owns 6,493,912 shares of the company’s stock worth $172,543,000 after purchasing an additional 531,875 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of DraftKings during the first quarter valued at $102,351,000. 32.84% of the shares are owned by hedge funds and other institutional investors.

About DraftKings

(Get Free Report)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It offers online sports betting and casino, daily fantasy sports, media and other consumer products, and retail sports betting. The Company is also engaged in the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators.

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Analystenempfehlungen für DraftKings <span class=NASDAQ:DKNG‘ width=”650″ height=”330″ />

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