JMP Securities Reiterates “Market Outperform” Rating for DraftKings (NASDAQ:DKNG)

DraftKings (NASDAQ:DKNG)‘s stock had its “market outperform” rating restated by equities researchers at JMP Securities in a research note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price target on the stock. JMP Securities’ price objective would indicate a potential downside of 6.52% from the stock’s previous close.

DKNG has been the subject of several other reports. Canaccord Genuity Group lifted their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. TD Cowen lowered their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Wells Fargo & Company lifted their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Morgan Stanley lifted their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.64.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $53.49 on Friday. The business has a 50 day moving average price of $40.54 and a 200 day moving average price of $38.73. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a market cap of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. 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 (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Research analysts predict that DraftKings will post -0.95 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,163,742 shares of company stock worth $47,082,888. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently made changes to their positions in the business. Beacon Pointe Advisors LLC increased its position in shares of DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock valued at $398,000 after acquiring an additional 203 shares in the last quarter. Pine Valley Investments Ltd Liability Co increased its position in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares in the last quarter. Claro Advisors LLC increased its position in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP increased its position in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares in the last quarter. Finally, Global Retirement Partners LLC increased its position in shares of DraftKings by 0.6% during the third 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 in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.