DraftKings’ (DKNG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $52.00 target price on the stock.

Other equities research analysts have also issued research reports about the stock. Susquehanna lowered their target price on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating on the stock in a report on Tuesday, October 14th. Mizuho reduced their price target on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Barclays reaffirmed an “overweight” rating and set a $54.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Stifel Nicolaus cut their target price on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, BTIG Research decreased their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Twenty-six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.66.

DraftKings Trading Up 3.3%

DKNG stock opened at $31.51 on Monday. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. The business’s 50 day moving average is $36.86 and its 200-day moving average is $39.38. The firm has a market cap of $15.68 billion, a P/E ratio of -55.28, a P/E/G ratio of 1.02 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm earned ($0.60) EPS. DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Harry Sloan purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average price of $30.30 per share, with a total value of $757,500.00. Following the completion of the acquisition, the director directly owned 249,712 shares in the company, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 337,916 shares of company stock valued at $14,118,881 over the last quarter. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the company. Brown Advisory Inc. grew its stake in shares of DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after acquiring an additional 968 shares in the last quarter. Helios Capital Management PTE. Ltd. boosted its holdings in DraftKings by 926.0% during the second quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock worth $4,889,000 after purchasing an additional 102,889 shares during the last quarter. Claro Advisors LLC boosted its holdings in DraftKings by 121.4% during the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock worth $1,712,000 after purchasing an additional 21,890 shares during the last quarter. K.J. Harrison & Partners Inc bought a new position in DraftKings in the second quarter valued at $1,081,000. Finally, Fortis Capital Advisors LLC acquired a new stake in DraftKings in the 2nd quarter valued at $535,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.