JMP Securities Cuts DraftKings (NASDAQ:DKNG) Price Target to $50.00

DraftKings (NASDAQ:DKNG) had its target price decreased by JMP Securities from $52.00 to $50.00 in a report released on Monday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other equities analysts also recently issued reports on DKNG. Wells Fargo & Company lifted their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Mizuho upped their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $51.08.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $38.35 on Monday. DraftKings has a twelve month low of $28.69 and a twelve month high of $49.57. The stock’s 50 day moving average is $40.35 and its 200-day moving average is $37.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $33.77 billion, a price-to-earnings ratio of -43.58 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Sell-side analysts forecast that DraftKings will post -0.79 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 852,183 shares of company stock worth $33,503,025. 51.19% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Marshall Wace LLP boosted its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. Geode Capital Management LLC boosted its stake in DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after buying an additional 284,131 shares during the period. FMR LLC grew its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after acquiring an additional 441,975 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. 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.