DraftKings (NASDAQ:DKNG) Price Target Raised to $54.00

DraftKings (NASDAQ:DKNG) had its price objective boosted by investment analysts at JPMorgan Chase & Co. from $48.00 to $54.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 33.80% from the company’s previous close.

Several other research analysts also recently commented on DKNG. BMO Capital Markets reduced their target price on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. UBS Group boosted their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. The Goldman Sachs Group reduced their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Guggenheim reduced their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Oppenheimer reduced their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.74.

DraftKings Stock Down 1.4 %

NASDAQ DKNG opened at $40.36 on Thursday. The company has a market capitalization of $35.08 billion, a price-to-earnings ratio of -34.20 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings has a 1-year low of $25.73 and a 1-year high of $49.57. The stock’s 50 day moving average is $35.62 and its two-hundred day moving average is $39.40.

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

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The transaction was disclosed in a filing with the SEC, which is available through this link. In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated 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 in the company, valued at approximately $5,662,581.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Insiders sold a total of 1,195,301 shares of company stock worth $45,355,362 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in DraftKings during the 4th quarter worth about $26,000. LRI Investments LLC bought a new position in DraftKings during the 1st quarter worth about $31,000. LifeSteps Financial Inc. bought a new position in DraftKings during the 1st quarter worth about $33,000. Concord Wealth Partners boosted its stake in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd acquired a new position in shares of DraftKings during the 2nd quarter worth about $38,000. Institutional investors own 37.70% of the company’s stock.

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.