JPMorgan Chase & Co. Raises DraftKings (NASDAQ:DKNG) Price Target to $61.00

DraftKings (NASDAQ:DKNG) had its price objective raised by JPMorgan Chase & Co. from $53.00 to $61.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 18.30% from the stock’s previous close.

Several other equities research analysts have also weighed in on DKNG. Piper Sandler restated an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday. Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday. Canaccord Genuity Group raised their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Susquehanna decreased their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Stock Down 3.6 %

Shares of DKNG traded down $1.93 during mid-day trading on Tuesday, hitting $51.56. 4,479,939 shares of the company’s stock were exchanged, compared to its average volume of 9,221,181. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The firm has a fifty day moving average of $40.76 and a two-hundred day moving average of $38.89. The stock has a market cap of $25.14 billion, a price-to-earnings ratio of -58.58, a P/E/G ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, sell-side analysts forecast that DraftKings will post -0.95 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,163,742 shares of company stock valued at $47,082,888 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after buying an additional 707,504 shares during the last quarter. FMR LLC increased its stake in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after acquiring an additional 89,988 shares during the period. 37.70% of the stock is owned by 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.