JMP Securities Issues Pessimistic Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price reduced by equities researchers at JMP Securities from $54.00 to $50.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price target points to a potential upside of 39.63% from the stock’s current price.

Several other research analysts have also weighed in on the company. Northland Securities set a $50.00 price objective on DraftKings in a research report on Friday, April 25th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. Macquarie lowered their price objective on DraftKings from $55.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, May 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.41.

DraftKings Stock Performance

NASDAQ DKNG opened at $35.81 on Thursday. The company has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a PEG ratio of 1.43 and a beta of 1.89. DraftKings has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a fifty day simple moving average of $34.58 and a 200 day simple moving average of $38.86. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $33.49, for a total transaction of $1,767,501.73. Following the completion of the transaction, the insider now owns 516,563 shares in the company, valued at approximately $17,299,694.87. The trade was a 9.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director now owns 5,947 shares of the company’s stock, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,127,504 shares of company stock worth $42,687,810. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Several hedge funds have recently modified their holdings of the company. Militia Capital Partners LP bought a new position in shares of DraftKings during the 1st quarter worth approximately $173,000. Addison Capital Co lifted its position in shares of DraftKings by 1.5% during the 1st quarter. Addison Capital Co now owns 27,290 shares of the company’s stock worth $906,000 after buying an additional 402 shares in the last quarter. Capital Impact Advisors LLC bought a new position in shares of DraftKings during the 1st quarter worth approximately $6,901,000. Bayforest Capital Ltd bought a new position in shares of DraftKings during the 1st quarter worth approximately $854,000. Finally, SCS Capital Management LLC bought a new position in shares of DraftKings during the 1st quarter worth approximately $309,000. 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.