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

DraftKings (NASDAQ:DKNG) had its target price increased by Stifel Nicolaus from $50.00 to $51.00 in a report released on Monday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Moffett Nathanson lifted their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a research report on Thursday, March 28th. UBS Group boosted their target price on DraftKings from $44.00 to $56.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Needham & Company LLC reaffirmed a buy rating and set a $58.00 price target on shares of DraftKings in a research report on Friday, May 3rd. BTIG Research boosted their price objective on DraftKings from $53.00 to $55.00 and gave the company a buy rating in a research report on Monday. Finally, Truist Financial reaffirmed a buy rating and issued a $55.00 price target (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $49.07.

DraftKings Stock Performance

DKNG stock opened at $42.81 on Monday. 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 business’s fifty day moving average is $43.69 and its 200-day moving average is $39.15. The company has a market cap of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for 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%. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.87) EPS. Equities research analysts forecast that DraftKings will post -0.24 EPS for the current year.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 48.94% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. increased its holdings in shares of DraftKings by 8.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock valued at $2,624,000 after purchasing an additional 6,965 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in DraftKings by 178.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock valued at $1,414,000 after buying an additional 30,802 shares during the last quarter. Bank of New York Mellon Corp grew its stake in DraftKings by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company’s stock valued at $36,978,000 after buying an additional 90,004 shares during the last quarter. Brown Advisory Inc. bought a new position in DraftKings in the 3rd quarter valued at about $209,000. Finally, Forsta AP Fonden acquired a new stake in DraftKings during the third quarter worth approximately $2,703,000. Institutional investors and hedge funds 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.