DraftKings (NASDAQ:DKNG) Price Target Raised to $52.00 at JMP Securities

DraftKings (NASDAQ:DKNG) had its price target increased by equities research analysts at JMP Securities from $51.00 to $52.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential upside of 24.67% from the stock’s current price.

DKNG has been the topic of a number of other reports. Barclays upped their price target on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Mizuho increased their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Susquehanna lifted 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. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.64.

DraftKings Trading Down 3.5 %

Shares of DraftKings stock opened at $41.71 on Monday. 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 firm has a market cap of $36.64 billion, a price-to-earnings ratio of -48.18 and a beta of 1.82. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The company’s 50-day simple moving average is $37.83 and its 200-day simple moving average is $37.92.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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). DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts anticipate that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated 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 transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. 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 link. In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of DKNG. Marshall Wace LLP raised its stake in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. increased its stake in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the period. Blue Whale Capital LLP acquired a new position in DraftKings in the 2nd quarter worth $39,306,000. Kodai Capital Management LP purchased a new position in DraftKings in the 1st quarter valued at about $41,276,000. Finally, AQR Capital Management LLC grew its stake in shares of DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

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.