DraftKings (NASDAQ:DKNG) Given “Buy” Rating at Stifel Nicolaus

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by analysts at Stifel Nicolaus in a research report issued on Monday,Benzinga reports. They presently have a $46.00 price objective on the stock, down from their prior price objective of $50.00. Stifel Nicolaus’ target price would indicate a potential upside of 51.32% from the stock’s previous close.

DKNG has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Truist Financial dropped their target price on DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, October 21st. Citigroup restated a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday. Finally, Berenberg Bank set a $43.00 target price on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Twenty-six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.55.

DraftKings Stock Up 8.6%

Shares of DraftKings stock opened at $30.40 on Monday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 1-year low of $26.23 and a 1-year high of $53.61. The business’s fifty day moving average price is $37.88 and its two-hundred day moving average price is $39.48. The company has a market capitalization of $15.09 billion, a P/E ratio of -53.33, a PEG ratio of 1.03 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the company posted ($0.60) EPS. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts forecast that DraftKings will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the sale, the insider owned 500,454 shares in the company, valued at approximately $14,513,166. This represents a 9.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the transaction, the director directly owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 552,777 shares of company stock valued at $23,337,924. Corporate insiders own 47.08% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in DraftKings by 27.0% in the 1st quarter. Bank of New York Mellon Corp now owns 1,472,974 shares of the company’s stock worth $48,917,000 after acquiring an additional 313,128 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of DraftKings by 30.0% during the first quarter. Envestnet Asset Management Inc. now owns 457,521 shares of the company’s stock worth $15,194,000 after purchasing an additional 105,480 shares during the period. Brown Advisory Inc. grew its position in DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after purchasing an additional 968 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in DraftKings by 25.1% during the first quarter. Stratos Wealth Partners LTD. now owns 8,836 shares of the company’s stock valued at $293,000 after purchasing an additional 1,773 shares in the last quarter. Finally, M&T Bank Corp increased its stake in DraftKings by 11.7% in the 1st quarter. M&T Bank Corp now owns 44,649 shares of the company’s stock valued at $1,483,000 after buying an additional 4,679 shares during the period. 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.