DraftKings (NASDAQ:DKNG) Stock Rating Reaffirmed by JMP Securities

DraftKings (NASDAQ:DKNGGet Free Report)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a research note issued on Monday, Benzinga reports. They currently have a $52.00 target price on the stock. JMP Securities’ target price points to a potential upside of 6.82% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Oppenheimer lifted their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Piper Sandler lifted their price target on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $41.00 to $50.00 in a report on Friday, February 23rd. BNP Paribas lowered shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a report on Friday, January 19th. Finally, Argus lifted their price target on shares of DraftKings from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, November 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

View Our Latest Report on DraftKings

DraftKings Price Performance

DKNG stock opened at $48.68 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 12 month low of $17.33 and a 12 month high of $49.26. The firm has a market cap of $42.19 billion, a P/E ratio of -27.82 and a beta of 1.87. The company’s 50-day moving average price is $42.07 and its two-hundred day moving average price is $36.15.

DraftKings (NASDAQ:DKNGGet Free Report) last released its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business earned ($0.53) earnings per share. DraftKings’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, analysts anticipate that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,596,101 shares of company stock worth $65,685,509. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Whale Rock Capital Management LLC purchased a new stake in shares of DraftKings during the 2nd quarter worth approximately $215,687,000. Jericho Capital Asset Management L.P. increased its stake in shares of DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of DraftKings by 8.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,493,912 shares of the company’s stock worth $172,543,000 after purchasing an additional 531,875 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $192,140,000. Hedge funds and other institutional investors own 32.84% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

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.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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