Fintel reports that on September 26, 2023, JP Morgan upgraded their outlook for DraftKings Inc. – (NASDAQ:DKNG) from Neutral to Overweight.

Analyst Price Forecast Suggests 31.58% Upside

As of August 31, 2023, the average one-year price target for DraftKings Inc. – is 36.74. The forecasts range from a low of 22.72 to a high of $46.20. The average price target represents an increase of 31.58% from its latest reported closing price of 27.92.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for DraftKings Inc. – is 2,972MM, a decrease of 0.99%. The projected annual non-GAAP EPS is -2.50.

What is the Fund Sentiment?

There are 899 funds or institutions reporting positions in DraftKings Inc. -. This is an increase of 111 owner(s) or 14.09% in the last quarter. Average portfolio weight of all funds dedicated to DKNG is 0.44%, a decrease of 0.98%. Total shares owned by institutions increased in the last three months by 4.20% to 331,396K shares. The put/call ratio of DKNG is 1.03, indicating a bearish outlook.

What are Other Shareholders Doing?

ARK Investment Management holds 18,060K shares representing 3.89% ownership of the company. In it’s prior filing, the firm reported owning 23,931K shares, representing a decrease of 32.51%. The firm decreased its portfolio allocation in DKNG by 0.23% over the last quarter.

ARKK – ARK Innovation ETF holds 14,773K shares representing 3.18% ownership of the company. In it’s prior filing, the firm reported owning 16,501K shares, representing a decrease of 11.70%. The firm increased its portfolio allocation in DKNG by 49.37% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 12,295K shares representing 2.65% ownership of the company. In it’s prior filing, the firm reported owning 11,930K shares, representing an increase of 2.97%. The firm increased its portfolio allocation in DKNG by 30.50% over the last quarter.

Sumitomo Mitsui Trust Holdings holds 10,947K shares representing 2.36% ownership of the company. In it’s prior filing, the firm reported owning 13,163K shares, representing a decrease of 20.24%. The firm increased its portfolio allocation in DKNG by 19.38% over the last quarter.

Nikko Asset Management Americas holds 10,947K shares representing 2.36% ownership of the company. In it’s prior filing, the firm reported owning 13,163K shares, representing a decrease of 20.24%. The firm increased its portfolio allocation in DKNG by 5.60% over the last quarter.

DraftKings Background Information
(This description is provided by the company.)

DraftKings is an American daily fantasy sports contest and sports betting company. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player performances in five major American sports (MLB, the NHL, the NFL, the NBA and the PGA), Premier League and UEFA Champions League football, NASCAR auto racing, Canadian Football League, the XFL, mixed martial arts (MMA), Tennis, All Elite Wrestling (AEW), and WWE.

This article originally appeared on Fintel

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