DraftKings (NASDAQ:DKNG - Get Free Report) had its target price lowered by equities researchers at JMP Securities from $54.00 to $50.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' price objective indicates a potential upside of 39.63% from the company's previous close.
DKNG has been the topic of a number of other research reports. Argus set a $60.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Truist Financial lowered their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Citigroup lowered their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, Barclays cut their target price on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $54.41.
Check Out Our Latest Stock Analysis on DraftKings
DraftKings Stock Up 6.2%
Shares of DraftKings stock traded up $2.08 during trading on Thursday, reaching $35.81. The company had a trading volume of 11,928,400 shares, compared to its average volume of 9,737,836. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm's fifty day moving average is $34.52 and its 200-day moving average is $38.91. The company has a market cap 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 1.89.
Insider Transactions at DraftKings
In related news, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. The trade was a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now owns 5,947 shares of the company's stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,127,504 shares of company stock valued at $42,687,810 over the last 90 days. 51.19% of the stock is owned by company insiders.
Institutional Investors Weigh In On DraftKings
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DKNG. Militia Capital Partners LP bought a new position in DraftKings in the first quarter valued at $173,000. Addison Capital Co grew its stake in shares of DraftKings by 1.5% in the 1st quarter. Addison Capital Co now owns 27,290 shares of the company's stock worth $906,000 after buying an additional 402 shares during the last quarter. Capital Impact Advisors LLC bought a new position in DraftKings in the 1st quarter worth about $6,901,000. Bayforest Capital Ltd bought a new position in DraftKings in the 1st quarter valued at approximately $854,000. Finally, SCS Capital Management LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at about $309,000. 37.70% of the stock is currently owned by institutional investors.
DraftKings Company Profile
(
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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.
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