DraftKings’ (DKNG) Market Outperform Rating Reaffirmed at JMP Securities

DraftKings (NASDAQ:DKNG)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $39.00 target price on the stock. JMP Securities’ price objective would suggest a potential upside of 25.73% from the company’s previous close.

DKNG has been the subject of a number of other research reports. Craig Hallum lifted their target price on DraftKings from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, August 4th. TD Cowen boosted their price objective on DraftKings from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Monday, August 7th. UBS Group lifted their price objective on DraftKings from $30.00 to $39.00 in a research note on Monday, August 21st. Benchmark upped their price target on DraftKings from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, August 4th. Finally, Wells Fargo & Company upgraded DraftKings from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $28.00 to $37.00 in a report on Monday, August 7th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.20.

DraftKings Stock Down 1.5 %

Shares of NASDAQ:DKNG traded down $0.47 during midday trading on Friday, hitting $31.02. 4,308,855 shares of the company’s stock traded hands, compared to its average volume of 12,268,849. DraftKings has a twelve month low of $10.69 and a twelve month high of $34.49. The company has a market cap of $26.58 billion, a PE ratio of -11.99 and a beta of 1.82. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.60 and a current ratio of 1.60. The firm’s fifty day moving average price is $29.83 and its two-hundred day moving average price is $24.66.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 3rd. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.07. DraftKings had a negative net margin of 38.90% and a negative return on equity of 97.42%. The company had revenue of $874.93 million during the quarter, compared to the consensus estimate of $762.25 million. On average, equities research analysts anticipate that DraftKings will post -1.61 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, CAO Erik Bradbury sold 3,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total value of $90,360.00. Following the completion of the sale, the chief accounting officer now owns 25,070 shares in the company, valued at approximately $755,108.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other DraftKings news, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $90,360.00. Following the completion of the sale, the chief accounting officer now directly owns 25,070 shares in the company, valued at $755,108.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 29,086 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total transaction of $872,580.00. Following the transaction, the insider now owns 648,773 shares of the company’s stock, valued at approximately $19,463,190. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 947,536 shares of company stock worth $29,232,213. Insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds have recently added to or reduced their stakes in the stock. Whale Rock Capital Management LLC bought a new stake in DraftKings in the second quarter valued at $215,687,000. Two Sigma Investments LP bought a new stake in shares of DraftKings in the 1st quarter valued at about $102,351,000. Norges Bank bought a new position in DraftKings in the fourth quarter worth approximately $32,704,000. Two Sigma Advisers LP increased its position in shares of DraftKings by 299.7% during the first quarter. Two Sigma Advisers LP now owns 3,013,378 shares of the company’s stock valued at $58,339,000 after acquiring an additional 2,259,398 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of DraftKings by 6.5% in the third quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock worth $524,322,000 after acquiring an additional 2,121,342 shares during the period. 32.84% of the stock is currently owned by institutional investors.

About DraftKings

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.