JMP Securities Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target reduced by JMP Securities from $52.00 to $50.00 in a research report sent to investors on Monday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other equities analysts have also recently issued reports on DKNG. TD Cowen boosted their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. increased their price objective on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Morgan Stanley boosted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Susquehanna increased their price target on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Finally, Mizuho boosted their price objective 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.92.

DraftKings Price Performance

DraftKings stock opened at $37.25 on Monday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day simple moving average of $40.31 and a 200-day simple moving average of $37.93. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The stock has a market capitalization of $32.80 billion, a PE ratio of -42.33 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS 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 analysts’ expectations of $1.12 billion. Equities analysts predict that DraftKings will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 852,183 shares of company stock valued at $33,503,025. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Alta Advisers Ltd acquired a new position in shares of DraftKings in the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings in the second quarter valued at $39,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings during the third quarter valued at about $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings during the third quarter valued at about $46,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in DraftKings during the second quarter worth about $47,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.