JPMorgan Chase & Co. Initiates Coverage on DraftKings (NASDAQ:DKNG)

Equities research analysts at JPMorgan Chase & Co. assumed coverage on shares of DraftKings (NASDAQ:DKNG) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $50.00 price target on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 16.80% from the stock’s current price.

DKNG has been the subject of several other reports. Susquehanna upped their price target on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a research report on Monday, May 12th. Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a report on Friday, June 13th. Cfra Research upgraded DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. JMP Securities lowered their price objective on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a research report on Thursday, June 5th. Finally, Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $54.03.

DraftKings Price Performance

Shares of DraftKings stock opened at $42.81 on Monday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a fifty day moving average of $35.83 and a 200-day moving average of $38.42. The stock has a market capitalization of $38.07 billion, a price-to-earnings ratio of -51.58, a price-to-earnings-growth ratio of 1.26 and a beta of 1.63.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider now directly owns 504,381 shares in the company, valued at $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock worth $19,748,622. Company insiders own 47.08% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP boosted its position in shares of DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares in the last quarter. Sanctuary Advisors LLC raised its stake in DraftKings by 6.8% during the fourth quarter. Sanctuary Advisors LLC now owns 30,165 shares of the company’s stock valued at $1,122,000 after buying an additional 1,932 shares during the last quarter. D.A. Davidson & CO. raised its stake in DraftKings by 20.7% during the fourth quarter. D.A. Davidson & CO. now owns 28,924 shares of the company’s stock valued at $1,076,000 after buying an additional 4,952 shares during the last quarter. Private Advisor Group LLC boosted its holdings in DraftKings by 28.6% in the fourth quarter. Private Advisor Group LLC now owns 102,544 shares of the company’s stock worth $3,815,000 after acquiring an additional 22,836 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its stake in shares of DraftKings by 19.1% in the fourth quarter. Concurrent Investment Advisors LLC now owns 18,224 shares of the company’s stock worth $678,000 after acquiring an additional 2,927 shares during the last quarter. Hedge funds and other institutional investors 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.