Stifel Nicolaus Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price target dropped by research analysts at Stifel Nicolaus from $53.00 to $51.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 16.07% from the stock’s previous close.

Several other research firms have also recently issued reports on DKNG. Mizuho lowered their target price on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a research note on Monday, May 12th. JMP Securities lowered their price objective on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Thursday, June 5th. BTIG Research dropped their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Barclays decreased their target price on DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, May 12th. Finally, Bank of America dropped their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.00.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $43.94 on Wednesday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The stock has a market cap of $39.08 billion, a PE ratio of -52.94, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67. The stock has a fifty day moving average of $38.82 and a 200-day moving average of $38.77.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer owned 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director owned 5,947 shares in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 536,627 shares of company stock valued at $19,748,622. Company insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. grew its position in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after buying an additional 130,434 shares during the period. FMR LLC increased its stake in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after buying an additional 9,352,019 shares in the last quarter. Finally, Baillie Gifford & Co. raised its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. Hedge funds and other 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.