Stifel Nicolaus Increases DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG) had its price objective increased by analysts at Stifel Nicolaus from $50.00 to $51.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 17.78% from the company’s previous close.

Other analysts have also issued reports about the company. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. BTIG Research upped their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a report on Monday. Benchmark lifted their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Truist Financial reaffirmed a “buy” rating and issued a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $58.00 target price on shares of DraftKings in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $49.07.

DraftKings Trading Down 1.7 %

DKNG opened at $43.30 on Monday. The stock has a market cap of $37.53 billion, a PE ratio of -36.69 and a beta of 1.87. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a twelve month low of $22.65 and a twelve month high of $49.57. The company has a fifty day moving average of $43.66 and a 200-day moving average of $39.03.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business’s revenue was up 52.7% on a year-over-year basis. During the same period last year, the business posted ($0.87) earnings per share. On average, sell-side analysts predict that DraftKings will post -0.24 EPS for the current year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders sold 1,086,101 shares of company stock worth $45,903,509 over the last three months. 48.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in DraftKings in the 4th quarter worth approximately $7,975,000. Deutsche Bank AG boosted its stake in shares of DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after buying an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter worth $209,000. Schonfeld Strategic Advisors LLC increased its position in DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after acquiring an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Company Profile

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.