DraftKings (NASDAQ:DKNG) Receives “Overweight” Rating from JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG)‘s stock had its “overweight” rating reissued by investment analysts at JPMorgan Chase & Co. in a research report issued on Thursday, Benzinga reports. They presently have a $55.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 21.15% from the company’s current price.

DKNG has been the topic of several other reports. Piper Sandler upped 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. Mizuho started coverage on shares of DraftKings in a research note on Tuesday. They set a “buy” rating and a $58.00 target price on the stock. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $45.00 in a research note on Friday, January 19th. Truist Financial reissued a “buy” rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Finally, Moffett Nathanson raised their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $46.43.

DraftKings Stock Up 0.1 %

Shares of DKNG stock traded up $0.05 during trading hours on Thursday, reaching $45.40. 10,188,900 shares of the company’s stock were exchanged, compared to its average volume of 12,315,495. The stock’s 50 day moving average is $42.27 and its 200-day moving average is $36.21. The company has a market cap of $39.35 billion, a price-to-earnings ratio of -25.94 and a beta of 1.87. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a fifty-two week low of $17.42 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted ($0.53) earnings per share. The business’s revenue for the quarter was up 43.9% on a year-over-year basis. Analysts predict 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 Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The disclosure for this sale can be found here. Insiders sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds have recently modified their holdings of DKNG. Fifth Third Bancorp lifted its stake in DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after buying an additional 341 shares during the period. Signaturefd LLC raised its stake in shares of DraftKings by 7.6% in the third quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after purchasing an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC raised its stake in shares of DraftKings by 3.8% in the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after purchasing an additional 381 shares during the last quarter. Finally, Udine Wealth Management Inc. grew its holdings in shares of DraftKings by 0.5% in the third quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock valued at $2,336,000 after acquiring an additional 384 shares in the last quarter. Institutional investors and hedge funds 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.