DraftKings (NASDAQ:DKNG) Price Target Raised to $61.00 at JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $53.00 to $61.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 18.30% from the stock’s previous close.

Several other research analysts have also recently commented on the company. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Truist Financial raised their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Canaccord Genuity Group upped their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday. TD Cowen dropped their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $53.69.

DraftKings Stock Down 3.6 %

NASDAQ:DKNG traded down $1.93 during mid-day trading on Tuesday, hitting $51.56. The company had a trading volume of 4,479,939 shares, compared to its average volume of 9,221,181. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61. The business has a fifty day simple moving average of $40.76 and a 200-day simple moving average of $38.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $25.14 billion, a price-to-earnings ratio of -58.58, a PEG ratio of 3.18 and a beta of 1.93.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,163,742 shares of company stock valued at $47,082,888. Corporate 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. Highview Capital Management LLC DE boosted its holdings in shares of DraftKings by 1.4% during the fourth quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company’s stock worth $1,580,000 after purchasing an additional 580 shares during the period. Worldquant Millennium Advisors LLC acquired a new position in DraftKings in the 4th quarter valued at approximately $1,584,000. Waverly Advisors LLC boosted its stake in shares of DraftKings by 2.4% during the 4th quarter. Waverly Advisors LLC now owns 42,681 shares of the company’s stock valued at $1,588,000 after buying an additional 995 shares during the period. Whale Rock Capital Management LLC grew its holdings in shares of DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock valued at $184,954,000 after acquiring an additional 416,881 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of DraftKings by 14.9% during the 4th quarter. Tidal Investments LLC now owns 20,553 shares of the company’s stock valued at $765,000 after acquiring an additional 2,660 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.