JPMorgan Chase & Co. Raises DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its target price hoisted by JPMorgan Chase & Co. from $48.00 to $54.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on DKNG. Guggenheim lowered their price objective on DraftKings from $53.00 to $52.00 and set a buy rating for the company in a research note on Wednesday, June 26th. Needham & Company LLC reissued a buy rating and issued a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. The Goldman Sachs Group cut their price objective on shares of DraftKings from $60.00 to $54.00 and set a buy rating on the stock in a report on Monday, August 5th. Barclays lowered their target price on shares of DraftKings from $53.00 to $43.00 and set an overweight rating for the company in a report on Monday, August 5th. Finally, Stifel Nicolaus restated a buy rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $49.74.

DraftKings Price Performance

Shares of DKNG opened at $40.36 on Thursday. The business’s fifty day moving average is $35.62 and its 200 day moving average is $39.38. DraftKings has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $35.08 billion, a P/E ratio of -34.20 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the company earned ($0.17) earnings per share. Sell-side analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. The disclosure for this sale can be found here. Insiders sold 1,195,301 shares of company stock worth $45,355,362 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its holdings in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. First Trust Advisors LP lifted its stake in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in shares of DraftKings in the 4th quarter worth about $87,829,000. Vanguard Group Inc. increased its position in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after buying an additional 1,723,819 shares in the last quarter. Hedge funds and other institutional investors 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.