DraftKings (NASDAQ:DKNG) Price Target Raised to $53.00 at JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) had its target price upped by JPMorgan Chase & Co. from $47.00 to $53.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

DKNG has been the topic of a number of other reports. JMP Securities upped their price target on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. UBS Group increased their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Mizuho raised their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.00.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.88 on Friday. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The firm’s 50-day simple moving average is $40.07 and its two-hundred day simple moving average is $37.96. The firm has a market cap of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities analysts forecast that DraftKings will post -0.79 earnings per share for the current year.

Insider Activity

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock valued at $39,668,077 in the last ninety days. 51.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Mizuho Securities USA LLC purchased a new stake in DraftKings in the third quarter worth about $28,028,000. Janney Montgomery Scott LLC increased its holdings in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. 37.70% of the stock is owned by institutional investors.

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.