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

DraftKings (NASDAQ:DKNGGet Free Report) had its price target reduced by JMP Securities from $52.00 to $50.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price objective points to a potential upside of 33.51% from the stock’s current price.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Susquehanna lifted their price target on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Finally, BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.92.

Read Our Latest Analysis on DKNG

DraftKings Stock Performance

NASDAQ:DKNG opened at $37.45 on Monday. The company has a market cap of $32.98 billion, a price-to-earnings ratio of -42.56 and a beta of 1.90. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a fifty day moving average price of $40.30 and a 200-day moving average price of $37.97.

DraftKings (NASDAQ:DKNGGet Free Report) 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities analysts anticipate that DraftKings will post -0.79 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 852,183 shares of company stock worth $33,503,025 in the last quarter. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings in the second quarter valued at approximately $39,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings during the third quarter valued at approximately $43,000. V Square Quantitative Management LLC bought a new stake in DraftKings during the third quarter worth $46,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in DraftKings in the 2nd quarter valued at $47,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

About DraftKings

(Get Free Report)

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.

Further Reading

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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