DraftKings’ (DKNG) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reissued their market outperform rating on shares of DraftKings (NASDAQ:DKNG) in a report issued on Monday, Benzinga reports. JMP Securities currently has a $51.00 price target on the stock.

DKNG has been the topic of a number of other reports. Oppenheimer reduced their price objective on shares of DraftKings from $58.00 to $55.00 and set an outperform rating on the stock in a research note on Monday, August 5th. Susquehanna increased their price target on DraftKings from $48.00 to $50.00 and gave the stock a positive rating in a report on Monday, October 7th. The Goldman Sachs Group dropped their price objective on DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a research note on Monday, August 5th. Morgan Stanley reaffirmed an overweight rating and set a $47.00 target price on shares of DraftKings in a research note on Wednesday, September 11th. Finally, Wells Fargo & Company lowered their target price on DraftKings from $53.00 to $47.00 and set an overweight rating for the company in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of Moderate Buy and a consensus price target of $49.85.

DraftKings Price Performance

Shares of DKNG opened at $37.93 on Monday. The business has a 50-day simple moving average of $36.20 and a two-hundred day simple moving average of $38.80. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $32.97 billion, a PE ratio of -32.14 and a beta of 1.81.

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

Insiders Place Their Bets

In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,132,095 shares of company stock valued at $42,890,328 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Marshall Wace LLP boosted its position in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after purchasing an additional 663,427 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares in the last quarter. 37.70% of the stock is 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.