DraftKings (NASDAQ:DKNG) Price Target Raised to $34.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on DraftKings from $31 to $34 and kept an overweight rating, implying about 34.9% upside from the current share price.
• DraftKings shares were down 4.7% and opened at $25.21; the stock has traded between $20.46 and $48.78 over the past year.
• Recent quarterly results showed EPS of $0.20, missing estimates by $0.02, while revenue rose 16.8% year over year to $1.65 billion.

DraftKings (NASDAQ:DKNG - Get Free Report) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $31.00 to $34.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 34.87% from the stock's current price.

Other equities research analysts have also recently issued research reports about the company. Freedom Capital raised DraftKings to a "strong-buy" rating in a report on Wednesday, May 20th. Zacks Research upgraded DraftKings from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 20th. Roth Capital upgraded DraftKings from a "sell" rating to a "buy" rating in a research report on Friday, April 24th. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a research note on Friday, April 24th. Finally, UBS Group upped their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.56.

DraftKings Stock Down 4.7%

DraftKings stock opened at $25.21 on Wednesday. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings has a one year low of $20.46 and a one year high of $48.78. The company has a 50-day simple moving average of $25.80 and a 200-day simple moving average of $26.30. The firm has a market capitalization of $12.51 billion, a P/E ratio of 420.17 and a beta of 1.65.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The company's revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, equities analysts expect that DraftKings will post 0.59 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares of the company's stock, valued at $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 97,596 shares of company stock valued at $2,756,991. Insiders own 47.18% of the company's stock.

Hedge Funds Weigh In On DraftKings

Hedge funds have recently made changes to their positions in the business. Dagco Inc. acquired a new position in DraftKings in the fourth quarter worth approximately $26,000. Ascentis Independent Advisors bought a new stake in shares of DraftKings during the 1st quarter worth $27,000. Basecamp Wealth Advisors LLC grew its holdings in shares of DraftKings by 3,547.1% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company's stock worth $27,000 after acquiring an additional 1,206 shares during the last quarter. CoreCap Advisors LLC grew its holdings in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company's stock worth $29,000 after acquiring an additional 885 shares during the last quarter. Finally, Asset Dedication LLC acquired a new stake in shares of DraftKings during the third quarter worth $37,000. Institutional investors and hedge funds own 37.70% of the company's stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.