JPMorgan Chase & Co. Raises DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its target price hoisted by JPMorgan Chase & Co. from $48.00 to $54.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 30.25% from the company’s current price.

A number of other analysts also recently issued reports on DKNG. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. Wells Fargo & Company cut their price objective on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Susquehanna lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research report on Wednesday, September 4th. Finally, Truist Financial reiterated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.74.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded up $0.36 during midday trading on Thursday, hitting $41.46. The company’s stock had a trading volume of 4,377,791 shares, compared to its average volume of 10,640,063. The company has a market cap of $36.42 billion, a P/E ratio of -35.20 and a beta of 1.80. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57. The business’s 50 day simple moving average is $35.47 and its 200 day simple moving average is $39.39. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders have sold 551,647 shares of company stock valued at $18,811,071 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. RDA Financial Network purchased a new position in shares of DraftKings in the 1st quarter valued at $232,000. LRI Investments LLC acquired a new stake in shares of DraftKings during the first quarter worth about $31,000. CreativeOne Wealth LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at about $297,000. Park Avenue Securities LLC boosted its position in shares of DraftKings by 11.0% in the 2nd quarter. Park Avenue Securities LLC now owns 19,546 shares of the company’s stock valued at $746,000 after purchasing an additional 1,943 shares during the period. Finally, Jupiter Asset Management Ltd. grew its stake in DraftKings by 284.4% during the 1st quarter. Jupiter Asset Management Ltd. now owns 118,410 shares of the company’s stock worth $5,377,000 after buying an additional 87,608 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

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.