DraftKings’ (DKNG) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of DraftKings (NASDAQ:DKNG) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $50.00 price objective on the stock.

DKNG has been the topic of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Friday. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.64.

DraftKings Stock Performance

Shares of DraftKings stock opened at $53.49 on Friday. The firm’s fifty day simple moving average is $40.54 and its 200-day simple moving average is $38.77. The stock has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities analysts forecast that DraftKings will post -0.95 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,163,742 shares of company stock worth $47,082,888. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Creative Planning lifted its holdings in shares of DraftKings by 21.8% during the 3rd quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after acquiring an additional 11,511 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of DraftKings by 59.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock worth $2,301,000 after acquiring an additional 21,855 shares during the period. Cornerstone Wealth Management LLC purchased a new position in shares of DraftKings during the 3rd quarter worth about $297,000. Global Retirement Partners LLC lifted 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 worth $1,845,000 after acquiring an additional 273 shares during the period. Finally, Bleakley Financial Group LLC lifted its holdings in shares of DraftKings by 3.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock worth $1,098,000 after acquiring an additional 996 shares during the period. 37.70% of the stock is currently 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.