DraftKings (NASDAQ:DKNG) Given New $52.00 Price Target at JMP Securities

DraftKings (NASDAQ:DKNG) had its price target raised by JMP Securities from $51.00 to $52.00 in a research report sent to investors on Monday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

DKNG has been the subject of several other reports. Macquarie restated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Susquehanna upped their target price on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company raised their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.64.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $41.88 on Monday. The firm has a market capitalization of $36.79 billion, a price-to-earnings ratio of -47.59 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11. The business’s 50 day simple moving average is $38.00 and its 200-day simple moving average is $37.91. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities analysts forecast that DraftKings will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s 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 completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock valued at $39,966,465 in the last ninety days. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC raised its stake in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares during the period. Hexagon Capital Partners LLC increased its holdings in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after purchasing an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV raised its position in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the period. Brown Lisle Cummings Inc. lifted its stake in shares of DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC boosted its position in shares of DraftKings by 18.3% in the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 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.