DraftKings’ (DKNG) “Market Outperform” Rating Reaffirmed at Citizens Jmp

by · The Markets Daily

DraftKings (NASDAQ:DKNG – Get Free Report)‘s stock had its “market outperform” rating reissued by stock analysts at Citizens Jmp in a research note issued to investors on Monday,Benzinga reports. They currently have a $34.00 price objective on the stock. Citizens Jmp’s price target would indicate a potential upside of 31.10% from the company’s current price.

Several other research firms have also commented on DKNG. BTIG Research increased their price objective on shares of DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Benchmark restated a “buy” rating on shares of DraftKings in a report on Monday. Wedbush began coverage on shares of DraftKings in a research report on Friday, April 24th. They set an “outperform” rating on the stock. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. dropped their price target on DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.21.

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DraftKings Price Performance

NASDAQ DKNG traded down $0.46 during trading on Monday, hitting $25.93. 1,801,623 shares of the stock traded hands, compared to its average volume of 14,185,782. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings has a 12-month low of $20.46 and a 12-month high of $48.78. The firm has a 50-day simple moving average of $24.88 and a 200-day simple moving average of $27.37. The company has a market capitalization of $12.87 billion, a P/E ratio of 431.42 and a beta of 1.66.

DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s revenue was up 16.8% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. As a group, analysts predict that DraftKings will post 0.6 EPS for the current year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,596 shares of company stock worth $2,756,991 in the last quarter. Company insiders own 47.18% of the company’s stock.

Institutional Trading of DraftKings

Several institutional investors have recently added to or reduced their stakes in DKNG. Dagco Inc. purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. raised its holdings in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares during the period. Asset Dedication LLC bought a new stake in shares of DraftKings during the 3rd quarter worth approximately $37,000. Montag A & Associates Inc. lifted its stake in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC purchased a new position in DraftKings during the 4th quarter valued at $39,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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