JMP Securities Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG - Get Free Report) had its target price dropped by stock analysts at JMP Securities from $52.00 to $50.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' target price suggests a potential upside of 34.23% from the company's current price.

Several other analysts have also weighed in on the company. BMO Capital Markets restated an "outperform" rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Susquehanna boosted their price objective on DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a report on Monday, October 7th. Macquarie raised their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Finally, Barclays upped their target price on DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.92.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $0.20 during midday trading on Monday, hitting $37.25. 8,473,539 shares of the company's stock were exchanged, compared to its average volume of 7,595,917. The stock's 50 day moving average price is $40.30 and its 200-day moving average price is $37.97. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $32.80 billion, a P/E ratio of -42.33 and a beta of 1.90. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the 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 in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 852,183 shares of company stock valued at $33,503,025. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP boosted its holdings in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock valued at $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. Geode Capital Management LLC grew its position in shares of DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after buying an additional 284,131 shares during the period. FMR LLC lifted its holdings in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after buying an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company's stock worth $220,518,000 after acquiring an additional 441,975 shares during the period. Finally, Fred Alger Management LLC lifted its stake in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. 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.