DraftKings (NASDAQ:DKNG) Receives “Overweight” Rating from JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG)‘s stock had its “overweight” rating reissued by analysts at JPMorgan Chase & Co. in a research report issued on Thursday, Benzinga reports. They currently have a $55.00 target price on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 21.15% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Oppenheimer lifted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Wells Fargo & Company raised their price objective on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Moffett Nathanson raised their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday. Barclays upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $41.00 to $50.00 in a research note on Friday, February 23rd. Finally, Truist Financial reissued a “buy” rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.43.

DraftKings Trading Up 0.1 %

Shares of DKNG traded up $0.05 during trading hours on Thursday, hitting $45.40. 10,188,900 shares of the stock traded hands, compared to its average volume of 12,315,495. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 1-year low of $17.42 and a 1-year high of $49.57. The firm has a market capitalization of $39.35 billion, a PE ratio of -25.94 and a beta of 1.87. The business has a fifty day moving average of $42.27 and a 200-day moving average of $36.21.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted ($0.53) EPS. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. Analysts expect that DraftKings will post -0.24 EPS for the current year.

Insider Activity

In other news, insider Paul Liberman sold 510,000 shares of DraftKings stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highlander Capital Management LLC lifted 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 valued at $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in DraftKings in the fourth quarter valued at $26,000. BOKF NA acquired a new position in shares of DraftKings during the 2nd quarter worth $27,000. Parkside Financial Bank & Trust raised 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 buying an additional 710 shares during the last quarter. Finally, O Dell Group LLC purchased a new stake in DraftKings during the 4th quarter worth about $28,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.