JMP Securities Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price decreased by analysts at JMP Securities from $52.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 33.51% from the company’s previous close.

A number of other research analysts have also recently weighed in on DKNG. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Susquehanna increased their target price on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Macquarie boosted their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, TD Cowen upped their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $37.45 on Monday. The company has a market capitalization of $32.98 billion, a PE ratio of -42.56 and a beta of 1.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average price is $40.30 and its 200-day moving average price is $37.97. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities analysts anticipate that DraftKings will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 852,183 shares of company stock valued at $33,503,025 in the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several large investors have recently added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co lifted its position in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the period. Smith Thornton Advisors LLC increased its stake in shares of DraftKings by 3.9% in the 3rd quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock worth $374,000 after acquiring an additional 360 shares in the last quarter. Finally, Hudock Inc. lifted its position in DraftKings by 5.5% during the 3rd quarter. Hudock Inc. now owns 7,825 shares of the company’s stock valued at $307,000 after acquiring an additional 410 shares during the period. 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.