DraftKings (NASDAQ:DKNG) Receives “Market Outperform” Rating from JMP Securities

DraftKings (NASDAQ:DKNG)‘s stock had its “market outperform” rating reiterated by stock analysts at JMP Securities in a note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price objective on the stock. JMP Securities’ price objective would indicate a potential downside of 2.80% from the company’s previous close.

Several other brokerages have also recently issued reports on DKNG. Wells Fargo & Company upped their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. raised their target price 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 increased their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

DraftKings Stock Performance

Shares of DraftKings stock traded up $4.99 during trading on Friday, reaching $51.44. The company’s stock had a trading volume of 13,664,536 shares, compared to its average volume of 8,189,403. DraftKings has a 52 week low of $28.69 and a 52 week high of $52.28. The firm has a market cap of $25.08 billion, a PE ratio of -60.12, a P/E/G ratio of 3.18 and a beta of 1.93. The business’s 50-day moving average price is $40.36 and its 200-day moving average price is $38.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities analysts forecast that DraftKings will post -0.95 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on 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 sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $38,082,888 over the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several institutional investors have recently made changes to their positions in the company. Anomaly Capital Management LP bought a new position in shares of DraftKings during the fourth quarter valued at about $47,725,000. Wolf Hill Capital Management LP purchased a new position in shares of DraftKings in the 4th quarter worth approximately $38,807,000. SIH Partners LLLP bought a new position in shares of DraftKings in the fourth quarter valued at approximately $1,548,000. Fayez Sarofim & Co bought a new position in shares of DraftKings in the fourth quarter valued at approximately $2,809,000. Finally, TD Waterhouse Canada Inc. increased its position in shares of DraftKings by 6,408.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 179,244 shares of the company’s stock valued at $6,664,000 after acquiring an additional 176,490 shares during 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.