JPMorgan Chase & Co. Cuts DraftKings (NASDAQ:DKNG) Price Target to $33.00

DraftKings (NASDAQ:DKNG) had its target price lowered by JPMorgan Chase & Co. from $34.00 to $33.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the stock. BNP Paribas Exane assumed coverage on shares of DraftKings in a research note on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price objective for the company. Wedbush started coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “outperform” rating for the company. HSBC upgraded shares of DraftKings from a “hold” rating to a “hold” rating in a research report on Friday, April 24th. Citigroup reissued a “market outperform” rating on shares of DraftKings in a research note on Monday, June 22nd. Finally, Roth Capital upgraded DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. One 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. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $34.11.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $25.51 on Monday. The firm has a market capitalization of $12.66 billion, a P/E ratio of -67.13 and a beta of 1.66. DraftKings has a one year low of $20.46 and a one year high of $48.78. The company’s fifty day moving average is $25.34 and its two-hundred day moving average is $24.77. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

Insider Activity

In other news, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 the stock in a transaction that occurred 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 sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 over the last 90 days. 47.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. Buckland Partners Management Co LLC acquired a new stake in DraftKings during the 2nd quarter valued at $1,516,000. Bank of New York Mellon Corp acquired a new position in shares of DraftKings in the second quarter worth $24,014,000. LifeGoal Investments LLC acquired a new position in shares of DraftKings in the second quarter worth $218,000. CoreCap Advisors LLC lifted its position in shares of DraftKings by 336.5% in the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock valued at $29,000 after acquiring an additional 885 shares in the last quarter. Finally, Stableford Capital II LLC purchased a new stake in shares of DraftKings in the second quarter valued at $835,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

About DraftKings

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.