DraftKings’ (DKNG) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of DraftKings (NASDAQ:DKNG) in a research report released on Monday morning, Benzinga reports. They currently have a $51.00 target price on the stock.

Other analysts have also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Monday, September 23rd. Guggenheim cut their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Oppenheimer cut their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $47.00 price objective on shares of DraftKings in a research report on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.85.

DraftKings Stock Down 2.5 %

NASDAQ DKNG opened at $37.20 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $32.34 billion, a PE ratio of -31.53 and a beta of 1.81. DraftKings has a 1 year low of $25.73 and a 1 year high of $49.57. The business’s 50-day moving average is $36.48 and its 200 day moving average is $38.74.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the firm earned ($0.17) earnings per share. Sell-side analysts forecast that DraftKings will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,132,095 shares of company stock worth $42,890,328 in the last three months. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC raised its stake in DraftKings by 3.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock valued at $1,098,000 after buying an additional 996 shares during the last quarter. Global Retirement Partners LLC raised its stake in DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new stake in DraftKings during the 3rd quarter valued at $297,000. Vontobel Holding Ltd. raised its stake in DraftKings by 59.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock valued at $2,301,000 after buying an additional 21,855 shares during the last quarter. Finally, NBC Securities Inc. grew its position in shares of DraftKings by 10.5% during the 3rd quarter. NBC Securities Inc. now owns 21,595 shares of the company’s stock valued at $846,000 after acquiring an additional 2,045 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

About DraftKings

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.