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

DraftKings (NASDAQ:DKNG - Get Free Report) had its price objective cut by equities researchers at JMP Securities from $54.00 to $50.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' price target would indicate a potential upside of 39.63% from the stock's previous close.

Other analysts also recently issued research reports about the stock. BTIG Research reduced their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday. They set an "outperform" rating and a $46.00 target price for the company. Mizuho reduced their target price on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Benchmark lifted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Finally, TD Securities dropped their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and an average price target of $54.41.

DraftKings Stock Up 6.2%

DraftKings stock traded up $2.08 during mid-day trading on Thursday, reaching $35.81. The company's stock had a trading volume of 11,928,400 shares, compared to its average volume of 9,749,226. The company has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The business's 50 day simple moving average is $34.58 and its 200 day simple moving average is $38.79. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

Insider Activity

In related news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director now directly owns 5,947 shares of the company's stock, valued at $209,810.16. This represents a 34.53% 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 the SEC website. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This represents a 48.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,127,504 shares of company stock valued at $42,687,810. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raiffeisen Bank International AG bought a new position in DraftKings during the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the fourth quarter worth $28,000. Stonebridge Financial Group LLC acquired a new position in DraftKings during the fourth quarter worth $28,000. FNY Investment Advisers LLC acquired a new position in DraftKings during the first quarter worth $26,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in DraftKings during the first quarter worth $27,000. 37.70% of the stock is owned by institutional investors.

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.