DraftKings (NASDAQ:DKNG) Rating Reiterated by JMP Securities

JMP Securities reissued their market outperform rating on shares of DraftKings (NASDAQ:DKNG) in a research report sent to investors on Monday, Benzinga reports. They currently have a $51.00 price target on the stock.

A number of other research firms have also recently commented on DKNG. JPMorgan Chase & Co. raised their target price on DraftKings from $48.00 to $54.00 and gave the company an overweight rating in a research note on Thursday, September 26th. The Goldman Sachs Group decreased their price target on DraftKings from $60.00 to $54.00 and set a buy rating for the company in a research note on Monday, August 5th. BNP Paribas upgraded shares of DraftKings from an underperform rating to a neutral rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Needham & Company LLC reaffirmed a buy rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. Finally, UBS Group lifted their target price on DraftKings from $56.00 to $58.00 and gave the company a buy rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $49.85.

DraftKings Price Performance

Shares of DraftKings stock opened at $37.93 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings has a one year low of $25.73 and a one year high of $49.57. The business’s 50 day simple moving average is $36.20 and its two-hundred day simple moving average is $38.80. The stock has a market capitalization of $32.97 billion, a P/E ratio of -32.14 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) earnings per share. Analysts forecast that DraftKings will post -0.31 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,132,095 shares of company stock worth $42,890,328 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. EP Wealth Advisors LLC increased its holdings in DraftKings by 10.1% in the 4th quarter. EP Wealth Advisors LLC now owns 7,826 shares of the company’s stock worth $276,000 after buying an additional 720 shares during the period. SageView Advisory Group LLC acquired a new stake in DraftKings in the 4th quarter valued at $184,000. Vanguard Group Inc. lifted its holdings in DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of DraftKings by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after purchasing an additional 1,021 shares during the period. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $288,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.