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

DraftKings (NASDAQ:DKNG) had its target price boosted by JPMorgan Chase & Co. from $53.00 to $61.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 20.13% from the company’s current price.

A number of other brokerages also recently issued reports on DKNG. Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Piper Sandler restated an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday. Wells Fargo & Company upped their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Macquarie boosted their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Trading Down 1.4 %

DKNG opened at $50.78 on Tuesday. The company’s 50 day moving average price is $41.14 and its two-hundred day moving average price is $39.11. The firm has a market capitalization of $24.76 billion, a price-to-earnings ratio of -47.91, a PEG ratio of 3.95 and a beta of 1.93. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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, research analysts predict that DraftKings will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,160,591 shares of company stock worth $46,945,158. Insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its stake in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC purchased a new position in DraftKings during the third quarter worth about $28,028,000. Janney Montgomery Scott LLC grew its position in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after buying an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after buying an additional 350,215 shares in the last quarter. 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.