DraftKings (NASDAQ:DKNG) Stock Moved Down to “Neutral” by JPMorgan Chase & Co.

DraftKings (NASDAQ:DKNG) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Briefing.com reports. They presently have a $21.00 price objective on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.45% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on DKNG. Stifel Nicolaus cut DraftKings from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $32.00 to $21.00 in a research note on Monday. BTIG Research raised their price objective on DraftKings from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Wells Fargo & Company raised their price objective on DraftKings from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Bank of America reiterated a “buy” rating on shares of DraftKings in a report on Friday. Finally, Benchmark boosted their target price on DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $30.39.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $18.51 on Monday. The firm has a fifty day simple moving average of $21.51 and a two-hundred day simple moving average of $24.06. DraftKings has a 52 week low of $16.55 and a 52 week high of $36.98. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22. The stock has a market capitalization of $9.19 billion, a P/E ratio of -23.14, a PEG ratio of 2.43 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.12). DraftKings had a negative net margin of 5.91% and a negative return on equity of 36.21%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the previous year, the business posted ($0.26) EPS. The firm’s revenue was up 16.2% on a year-over-year basis. On average, analysts expect that DraftKings will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the transaction, the director directly owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. The trade was a 85.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 47.18% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC lifted its stake in DraftKings by 336.5% in the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares during the last quarter. Basecamp Wealth Advisors LLC grew its stake in shares of DraftKings by 3,547.1% during the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after buying an additional 1,206 shares during the last quarter. Ascentis Independent Advisors bought a new position in shares of DraftKings during the first quarter valued at approximately $27,000. Heritage Family Offices LLP bought a new position in shares of DraftKings during the third quarter valued at approximately $44,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of DraftKings during the third quarter valued at approximately $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

About DraftKings

DraftKings Inc is a digital sports and entertainment company founded in 2012. It began as a daily fantasy sports platform and has since expanded into online sports betting and gaming.

The company offers daily fantasy contests, a sportsbook and online casino products, including games such as slots and table games. Its services are available in a range of U.S. jurisdictions and in Ontario, Canada, where permitted by local regulations.

DraftKings is headquartered in Boston, Massachusetts.