DraftKings (NASDAQ:DKNG) Price Target Raised to $34.00

DraftKings (NASDAQ:DKNG) had its price objective raised by JPMorgan Chase & Co. from $31.00 to $34.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Monday, May 11th. Wedbush assumed coverage on DraftKings in a research report on Friday, April 24th. They set an “outperform” rating on the stock. Northland Securities set a $27.00 price target on DraftKings in a report on Monday, May 11th. BNP Paribas Exane began coverage on DraftKings in a report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on DraftKings from $26.00 to $28.00 and gave the company a “hold” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $34.56.

DraftKings Stock Performance

Shares of DKNG opened at $24.94 on Wednesday. DraftKings has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The stock’s fifty day moving average price is $25.81 and its two-hundred day moving average price is $26.15. The firm has a market cap of $12.37 billion, a PE ratio of 415.67 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) EPS. On average, equities research analysts forecast that DraftKings will post 0.57 EPS for the current year.

Insider Buying and Selling

In other 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 transaction 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 Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s 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 transaction, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 97,596 shares of company stock worth $2,756,991 in the last ninety days. 47.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC boosted its position in shares of DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after acquiring an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after purchasing an additional 40,495 shares in the last quarter. Empowered Funds LLC raised its stake in DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after purchasing an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in DraftKings in the second quarter valued at approximately $603,000. Finally, Daiwa Securities Group Inc. lifted its position in DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: JPMorgan Chase raised its price target on DraftKings to $34, signaling continued analyst confidence in the stock’s upside potential. DraftKings (NASDAQ:DKNG) Given New $34.00 Price Target at JPMorgan Chase & Co.
• Positive Sentiment: One bullish commentary highlighted that DraftKings’ recent selloff appears out of step with its improving profitability, pointing to a 64% increase in adjusted EBITDA as evidence the business is still executing well. DraftKings: A 40 Percent Selloff Runs Contrary To The 64 Percent Adjusted EBITDA Increase
• Neutral Sentiment: A broader casino-stocks roundup kept DraftKings on investors’ radar, but did not add a major new catalyst specific to the company. Casino Stocks To Keep An Eye On – July 14th
• Neutral Sentiment: DraftKings also announced legal action against Philadelphia after receiving a subpoena, seeking to halt an enforcement probe tied to consumer law issues. While the move may protect the company, it also underscores ongoing regulatory risk. DraftKings sues Philadelphia to end enforcement probe following subpoena, block consumer law
• Negative Sentiment: Short-seller The Bear Cave renewed its bearish case, arguing prediction markets could pull users away from DraftKings’ sportsbook business and that this competitive threat is not fully reflected in the stock price. Bear Cave Renews DraftKings Bear Case on Prediction Market Momentum
• Negative Sentiment: DraftKings was also covered in reports noting it fell more than the broader market in the latest session, reflecting continued investor caution around the name. Here's Why DraftKings (DKNG) Fell More Than Broader Market

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.