Citizens Jmp Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target upped by Citizens Jmp from $36.00 to $37.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price target indicates a potential upside of 57.93% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on DKNG. Jefferies Financial Group reiterated a “buy” rating on shares of DraftKings in a report on Wednesday, June 10th. Northland Securities set a $28.00 target price on shares of DraftKings in a research report on Monday, August 10th. Barclays lowered their target price on shares of DraftKings from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Guggenheim dropped their price target on shares of DraftKings from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Finally, Benchmark boosted their price target on shares of DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.39.

DraftKings Trading Down 2.4%

DKNG opened at $23.43 on Tuesday. The stock has a market capitalization of $11.63 billion, a PE ratio of -61.72, a P/E/G ratio of 1.96 and a beta of 1.63. DraftKings has a one year low of $20.46 and a one year high of $46.51. The company has a debt-to-equity ratio of 3.22, a quick ratio of 1.02 and a current ratio of 1.02. The business’s 50 day moving average price is $24.75 and its 200 day moving average price is $24.51.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities research analysts expect that DraftKings will post 0.49 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 10,759 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the sale, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Dodge sold 62,500 shares of the 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 sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several hedge funds and other institutional investors have recently made changes to their positions in DKNG. CoreCap Advisors LLC grew its position in shares of DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after buying an additional 885 shares in the last quarter. SHP Wealth Management purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $42,000. Basecamp Wealth Advisors LLC raised its holdings in DraftKings by 3,547.1% in the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after acquiring an additional 1,206 shares in the last quarter. Ascentis Independent Advisors acquired a new stake in DraftKings in the first quarter valued at approximately $27,000. Finally, Advisory Services Network LLC purchased a new position in DraftKings in the third quarter worth approximately $62,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.