JPMorgan Chase & Co. Increases DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $48.00 to $54.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 33.80% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Bank of America cut their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Susquehanna increased their price objective on DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research report on Wednesday, September 4th. Truist Financial reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Morgan Stanley restated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Finally, Benchmark increased their target price on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.74.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $40.36 on Thursday. The stock has a fifty day moving average price of $35.62 and a two-hundred day moving average price of $39.40. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $35.08 billion, a P/E ratio of -34.20 and a beta of 1.80. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating 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 company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.17) EPS. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. Research analysts forecast that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. The disclosure for this sale can be found here. Insiders have sold a total of 1,195,301 shares of company stock worth $45,355,362 over the last three months. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently made changes to their positions in DKNG. Transcendent Capital Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $26,000. LRI Investments LLC bought a new position in DraftKings during the first quarter valued at about $31,000. LifeSteps Financial Inc. bought a new position in DraftKings during the first quarter valued at about $33,000. Concord Wealth Partners increased its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares during the period. Finally, Alta Advisers Ltd bought a new position in DraftKings during the second quarter valued at about $38,000. 37.70% of the stock is currently owned by 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.