DraftKings (NASDAQ:DKNG) Given New $34.00 Price Target at JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) had its target price lifted by JPMorgan Chase & Co. from $31.00 to $34.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently commented on the stock. TD Cowen raised their price target on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Citigroup reaffirmed a “market outperform” rating on shares of DraftKings in a research note on Monday, June 22nd. Mizuho boosted their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Northland Securities set a $27.00 price target on DraftKings in a research report on Monday, May 11th. Finally, HSBC upgraded shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.56.

DraftKings Price Performance

Shares of DraftKings stock opened at $25.25 on Wednesday. The stock has a market cap of $12.53 billion, a price-to-earnings ratio of 420.83 and a beta of 1.65. The stock has a 50 day moving average price of $25.83 and a 200-day moving average price of $26.23. DraftKings has a one year low of $20.46 and a one year high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) EPS. Equities analysts expect that DraftKings will post 0.57 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 97,596 shares of company stock valued at $2,756,991. 47.18% of the stock is currently owned by corporate insiders.

Institutional Trading of DraftKings

Institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC increased its stake in DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after buying an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares in the last quarter. Empowered Funds LLC lifted its position in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after buying an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in DraftKings during the second quarter worth $603,000. Finally, Daiwa Securities Group Inc. raised its stake in DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after purchasing an additional 968 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.