DraftKings (NASDAQ:DKNG) Given Market Outperform Rating at JMP Securities

DraftKings (NASDAQ:DKNG)‘s stock had its “market outperform” rating reissued by research analysts at JMP Securities in a note issued to investors on Monday, Benzinga reports. They presently have a $51.00 price target on the stock. JMP Securities’ price target points to a potential upside of 35.14% from the company’s current price.

Several other equities analysts have also issued reports on DKNG. Bank of America decreased their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. JPMorgan Chase & Co. increased their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price target on shares of DraftKings in a research report on Wednesday, September 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.85.

DraftKings Trading Down 1.8 %

Shares of NASDAQ DKNG traded down $0.70 during mid-day trading on Monday, reaching $37.74. 3,488,854 shares of the company’s stock were exchanged, compared to its average volume of 10,433,629. The firm has a market capitalization of $32.81 billion, a price-to-earnings ratio of -31.98 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings has a 52-week low of $25.73 and a 52-week high of $49.57. The company’s 50-day moving average is $36.08 and its 200-day moving average is $38.85.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on 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 sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,132,095 shares of company stock worth $42,890,328. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the company. LRI Investments LLC acquired a new position in DraftKings during the first quarter worth $31,000. Concord Wealth Partners raised its holdings in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after acquiring an additional 498 shares during the last quarter. Alta Advisers Ltd acquired a new position in shares of DraftKings in the second quarter worth $38,000. Finally, Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings in the second quarter worth $39,000. 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.