DraftKings (NASDAQ:DKNG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

DraftKings (NASDAQ:DKNG - Free Report) had its price target hoisted by JPMorgan Chase & Co. from $47.00 to $53.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on DKNG. JMP Securities lifted their price target on DraftKings from $51.00 to $52.00 and gave the company a "market outperform" rating in a research report on Monday, November 11th. Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. BMO Capital Markets reissued an "outperform" rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Finally, TD Cowen upped their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $51.00.

DraftKings Stock Down 3.8 %

DraftKings stock traded down $1.59 during trading on Friday, hitting $39.88. 10,723,108 shares of the company were exchanged, compared to its average volume of 10,146,871. 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 company has a market capitalization of $35.12 billion, a P/E ratio of -45.30 and a beta of 1.87. The business's 50 day moving average is $40.06 and its 200 day moving average is $37.95. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Analysts predict that DraftKings will post -0.79 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred 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 transaction, the insider now owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company's stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock worth $39,668,077 in the last ninety days. Insiders own 51.19% of the company's stock.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC grew its stake in shares of DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock worth $14,826,000 after buying an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after buying an additional 86,336 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock valued at $19,481,000 after acquiring an additional 350,215 shares during the last quarter. Finally, Principal Financial Group Inc. increased 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 worth $9,203,000 after acquiring an additional 29,991 shares during the last quarter. 37.70% of the stock is currently owned by 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.