DraftKings (NASDAQ:DKNG) Stock Rating Reaffirmed by JMP Securities

by · The Markets Daily

JMP Securities reiterated their market outperform rating on shares of DraftKings (NASDAQ:DKNG – Free Report) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $51.00 price objective on the stock.

Other equities analysts also recently issued reports about the company. Barclays upped their price target on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Oppenheimer decreased their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. BMO Capital Markets cut their target price on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Truist Financial reissued a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.04.

Read Our Latest Research Report on DKNG

DraftKings Stock Performance

Shares of DraftKings stock opened at $37.65 on Monday. The firm has a market cap of $32.73 billion, a PE ratio of -31.91 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The business’s fifty day simple moving average is $36.62 and its 200-day simple moving average is $38.73.

DraftKings (NASDAQ:DKNG – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. Equities analysts forecast that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The shares were 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 directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,132,095 shares of company stock valued at $42,890,328. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Marshall Wace LLP increased its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after acquiring an additional 441,975 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after acquiring an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

About DraftKings

(Get Free Report)

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.

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