DraftKings (NASDAQ:DKNG) Price Target Cut to $50.00 by Analysts at JMP Securities

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

Several other research firms also recently commented on DKNG. Barclays lifted their price target on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. TD Cowen boosted their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research report on Tuesday, September 10th. BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

DraftKings Stock Up 2.6 %

DKNG opened at $38.35 on Monday. The business’s fifty day simple moving average is $40.35 and its 200 day simple moving average is $37.90. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market cap of $33.77 billion, a PE ratio of -43.58 and a beta of 1.90.

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

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated 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 transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 852,183 shares of company stock worth $33,503,025 over the last three months. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently bought and sold shares of DKNG. Diversified Trust Co lifted its holdings in shares of DraftKings by 16.7% during the fourth quarter. Diversified Trust Co now owns 61,607 shares of the company’s stock valued at $2,292,000 after purchasing an additional 8,802 shares during the last quarter. Principal Financial Group Inc. raised its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in DraftKings in the third quarter worth $1,191,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of DraftKings in the third quarter worth $304,000. Finally, Pine Valley Investments Ltd Liability Co increased its holdings in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares in the last quarter. 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.