JPMorgan Chase & Co. Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective lifted by JPMorgan Chase & Co. from $47.00 to $53.00 in a report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on the stock. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Morgan Stanley boosted their price objective 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. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. JMP Securities upped their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Finally, TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.00.

DraftKings Trading Down 3.8 %

Shares of DKNG opened at $39.88 on Friday. 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 firm has a market cap of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87. DraftKings has a 52-week low of $28.69 and a 52-week high of $49.57. The business’s fifty day moving average is $40.07 and its 200-day moving average is $37.94.

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

Insider Buying and Selling

In other news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated 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 transaction, the insider now 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. Over the last three months, insiders have sold 963,742 shares of company stock worth $39,668,077. 51.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently modified their holdings of the stock. Alta Advisers Ltd bought a new position in DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings during the 2nd quarter worth $39,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the 3rd quarter worth $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings in the 3rd quarter worth about $46,000. Finally, Creative Financial Designs Inc. ADV raised its stake in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the period. Institutional investors own 37.70% of the company’s stock.

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.