DraftKings (NASDAQ:DKNG) Given New $61.00 Price Target at JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) had its price objective lifted by JPMorgan Chase & Co. from $53.00 to $61.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on DKNG. Stifel Nicolaus boosted their target price on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial boosted their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays upped their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.69.

DraftKings Trading Down 2.6 %

DKNG opened at $49.44 on Tuesday. DraftKings has a 1-year low of $28.69 and a 1-year high of $53.61. The stock has a market capitalization of $24.22 billion, a PE ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a 50-day moving average price of $41.30 and a two-hundred day moving average price of $39.18.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. As a group, equities analysts anticipate that DraftKings will post 0.46 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, 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 completion of the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock valued at $46,945,158 over the last three months. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Creative Planning lifted its position in DraftKings by 21.8% during the 3rd quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after buying an additional 11,511 shares in the last quarter. Blue Trust Inc. increased its position in shares of DraftKings by 94.0% in the third quarter. Blue Trust Inc. now owns 10,104 shares of the company’s stock valued at $386,000 after acquiring an additional 4,897 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in DraftKings by 14.0% during the third quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock worth $1,555,000 after acquiring an additional 4,870 shares in the last quarter. Signaturefd LLC raised its holdings in DraftKings by 9.0% during the third quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after acquiring an additional 464 shares in the last quarter. Finally, Eastern Bank acquired a new position in DraftKings during the third quarter valued at approximately $59,000. 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.