DraftKings (NASDAQ:DKNG) Stock Gets Price Target Cut from JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) had its target price cut by JPMorgan Chase & Co. from $33.00 to $30.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

DKNG has been the topic of a number of other research reports. Bank of America upgraded shares of DraftKings from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Monday, October 5th. Weiss Ratings lowered DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Truist Financial lowered their price objective on DraftKings from $29.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday. Northland Securities set a $28.00 price objective on DraftKings in a research note on Monday, August 10th. Finally, UBS Group dropped their target price on DraftKings from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $33.29.

DraftKings Stock Up 2.0%

Shares of NASDAQ:DKNG opened at $20.94 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22. DraftKings has a twelve month low of $18.35 and a twelve month high of $36.98. The stock’s 50 day moving average is $22.37 and its 200-day moving average is $23.93.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.51 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. DraftKings’s revenue was down 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. As a group, equities research analysts predict that DraftKings will post 0.40 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 10,759 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the transaction, the director directly owned 1,881 shares of the company’s stock, valued at $45,238.05. This trade represents a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in DKNG. MBL Wealth LLC increased its position in shares of DraftKings by 18.8% during the third quarter. MBL Wealth LLC now owns 10,626 shares of the company’s stock valued at $202,000 after acquiring an additional 1,684 shares during the last quarter. Englebert Financial Advisers LLC lifted its holdings in DraftKings by 1.3% during the third quarter. Englebert Financial Advisers LLC now owns 68,237 shares of the company’s stock worth $1,297,000 after acquiring an additional 897 shares during the period. Nisa Investment Advisors LLC lifted its holdings in DraftKings by 2.8% during the third quarter. Nisa Investment Advisors LLC now owns 66,654 shares of the company’s stock worth $1,266,000 after acquiring an additional 1,795 shares during the period. Net Worth Advisory Group bought a new stake in DraftKings during the third quarter worth $279,000. Finally, Secure Asset Management LLC purchased a new position in DraftKings in the third quarter worth $4,224,000. 37.70% of the stock is owned by institutional investors.

About DraftKings

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.