Needham & Company LLC Cuts DraftKings (NASDAQ:DKNG) Price Target to $35.00

DraftKings (NASDAQ:DKNG) had its price target dropped by Needham & Company LLC from $52.00 to $35.00 in a report issued on Tuesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 60.85% from the company’s current price.

Several other brokerages have also recently commented on DKNG. Morgan Stanley raised their price target on shares of DraftKings from $50.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Sanford C. Bernstein set a $28.00 target price on DraftKings in a report on Monday. Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a report on Sunday. Susquehanna set a $44.00 price objective on DraftKings in a research note on Tuesday, January 27th. Finally, Benchmark cut their target price on shares of DraftKings from $37.00 to $29.00 and set a “buy” rating on the stock in a research note on Friday. Twenty-three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.28.

DraftKings Trading Down 13.5%

Shares of NASDAQ DKNG opened at $21.76 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $10.83 billion, a PE ratio of -544.00, a PEG ratio of 0.43 and a beta of 1.67. DraftKings has a twelve month low of $21.01 and a twelve month high of $53.61. The stock has a fifty day simple moving average of $31.94 and a 200-day simple moving average of $35.97.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at approximately $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 47.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dagco Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth about $26,000. Ameriflex Group Inc. grew its stake in shares of DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $33,000. Asset Dedication LLC purchased a new stake in shares of DraftKings during the third quarter worth approximately $37,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings during the second quarter worth approximately $45,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.