DraftKings (NASDAQ:DKNG) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of DraftKings (NASDAQ:DKNG) in a report issued on Monday morning, Marketbeat.com reports. The firm issued an overweight rating and a $50.00 price objective on the stock.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. BMO Capital Markets restated an “outperform” rating and issued a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Bank of America cut their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Morgan Stanley cut their target price on DraftKings from $53.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Finally, Citigroup restated a “buy” rating on shares of DraftKings in a research note on Friday, June 13th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.03.

DraftKings Price Performance

DKNG stock opened at $42.74 on Monday. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61. The business has a 50-day simple moving average of $36.01 and a two-hundred day simple moving average of $38.45. The company has a market capitalization of $38.01 billion, a P/E ratio of -51.49, a price-to-earnings-growth ratio of 1.30 and a beta of 1.63. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider now owns 504,381 shares of the company’s stock, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the transaction, the chief financial officer now directly owns 171,268 shares in the company, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock worth $19,748,622 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DKNG. Beacon Pointe Advisors LLC grew its position in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after buying an additional 217 shares during the period. Brooklyn Investment Group boosted its position in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after buying an additional 270 shares during the period. Allworth Financial LP boosted its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after buying an additional 271 shares during the period. Finally, Snowden Capital Advisors LLC boosted its position in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock valued at $325,000 after buying an additional 296 shares during the period. 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.