DraftKings (NASDAQ:DKNG) Rating Reiterated by JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their overweight rating on shares of DraftKings (NASDAQ:DKNG - Free Report) in a research report sent to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a $55.00 price target on the stock.

A number of other research firms have also weighed in on DKNG. BMO Capital Markets raised their price target on shares of DraftKings from $43.00 to $51.00 and gave the company an outperform rating in a research report on Friday, February 16th. Mizuho started coverage on DraftKings in a report on Tuesday. They issued a buy rating and a $58.00 target price for the company. Wells Fargo & Company boosted their price objective on DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research report on Tuesday, February 20th. Barclays upgraded DraftKings from an equal weight rating to an overweight rating and lifted their target price for the stock from $41.00 to $50.00 in a research note on Friday, February 23rd. Finally, BNP Paribas downgraded shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 price objective for the company. in a report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings presently has an average rating of Moderate Buy and a consensus price target of $46.43.

DraftKings Stock Up 0.1 %

Shares of DraftKings stock traded up $0.06 during trading hours on Thursday, reaching $45.41. The company's stock had a trading volume of 11,650,422 shares, compared to its average volume of 12,352,913. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock's fifty day simple moving average is $42.27 and its two-hundred day simple moving average is $36.21. The company has a market capitalization of $39.35 billion, a P/E ratio of -25.94 and a beta of 1.87. DraftKings has a one year low of $17.42 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business's revenue for the quarter was up 43.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.53) earnings per share. On average, research analysts forecast that DraftKings will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,596,101 shares of company stock valued at $65,685,509. Corporate insiders own 51.19% of the company's stock.

Institutional Trading of DraftKings

Several hedge funds have recently modified their holdings of the company. Highlander Capital Management LLC boosted its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company's stock worth $25,000 after purchasing an additional 450 shares during the period. Transcendent Capital Group LLC bought a new stake in DraftKings in the fourth quarter worth about $26,000. BOKF NA bought a new position in shares of DraftKings during the second quarter valued at approximately $27,000. Parkside Financial Bank & Trust lifted its stake in shares of DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company's stock worth $27,000 after acquiring an additional 710 shares during the last quarter. Finally, O Dell Group LLC bought a new position in shares of DraftKings in the fourth quarter worth about $28,000. 37.70% of the stock is owned by hedge funds and other 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.