Citizens Jmp Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective cut by analysts at Citizens Jmp from $38.00 to $34.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s target price suggests a potential upside of 46.80% from the stock’s previous close.

DKNG has been the subject of several other research reports. Bank of America decreased their target price on shares of DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Canaccord Genuity Group cut their price target on DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Texas Capital upgraded DraftKings to a “hold” rating in a research report on Thursday, January 8th. Rothschild & Co Redburn set a $35.00 price objective on DraftKings in a report on Friday, January 30th. Finally, Oppenheimer lowered their target price on DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. Twenty-five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $36.91.

DraftKings Stock Up 4.5%

DKNG stock opened at $23.16 on Wednesday. The stock has a market cap of $11.48 billion, a PE ratio of -579.00, a price-to-earnings-growth ratio of 0.89 and a beta of 1.68. The firm’s 50-day simple moving average is $24.81 and its 200 day simple moving average is $31.03. DraftKings has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91.

Insider Buying and Selling

In related news, CAO Erik Bradbury sold 2,883 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the sale, the chief accounting officer owned 38,168 shares of the company’s stock, valued at $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry Sloan bought 100,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was purchased at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the transaction, the director directly owned 350,219 shares of the company’s stock, valued at $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 549,495 shares of company stock worth $14,166,700. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several institutional investors have recently modified their holdings of the company. Dagco Inc. acquired a new position in DraftKings during the fourth quarter worth about $26,000. Ameriflex Group Inc. lifted its holdings in DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of DraftKings during the 3rd quarter valued at about $33,000. Asset Dedication LLC bought a new position in shares of DraftKings during the 3rd quarter valued at about $37,000. Finally, Montag A & Associates Inc. grew its stake in shares of DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds 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.