Stifel Nicolaus Begins Coverage on DraftKings (NASDAQ:DKNG)

Stifel Nicolaus began coverage on shares of DraftKings (NASDAQ:DKNG – Get Rating) in a research note issued to investors on Monday morning, The Fly reports. The firm issued a hold rating on the stock.

Several other equities analysts have also recently issued reports on DKNG. Cowen dropped their price target on DraftKings from $50.00 to $35.00 and set an outperform rating on the stock in a research report on Wednesday, November 2nd. Truist Financial dropped their price target on DraftKings from $20.00 to $15.00 and set a hold rating on the stock in a research report on Tuesday, October 25th. Roth Capital cut DraftKings from a buy rating to a neutral rating and set a $15.00 price target on the stock. in a research report on Monday, December 12th. Redburn Partners initiated coverage on DraftKings in a research report on Wednesday, October 12th. They issued a neutral rating and a $19.00 price target on the stock. Finally, JPMorgan Chase & Co. cut DraftKings from a neutral rating to an underweight rating and set a $12.00 price target on the stock. in a research report on Monday, November 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of Hold and an average target price of $21.96.

DraftKings Stock Performance

DKNG opened at $14.56 on Monday. The business’s 50-day simple moving average is $13.40 and its 200-day simple moving average is $14.73. DraftKings has a one year low of $9.77 and a one year high of $25.01. The stock has a market capitalization of $12.26 billion, a P/E ratio of -4.23 and a beta of 1.81.

DraftKings (NASDAQ:DKNG – Get Rating) last posted its earnings results on Friday, November 4th. The company reported ($1.00) EPS for the quarter, topping analysts’ consensus estimates of ($1.07) by $0.07. DraftKings had a negative return on equity of 87.08% and a negative net margin of 78.64%. The business had revenue of $501.94 million for the quarter, compared to analysts’ expectations of $436.21 million. On average, equities research analysts forecast that DraftKings will post -3.11 EPS for the current fiscal year.

Institutional Trading of DraftKings

Large investors have recently bought and sold shares of the company. Quent Capital LLC grew its holdings in DraftKings by 136.9% in the second quarter. Quent Capital LLC now owns 2,132 shares of the company’s stock valued at $25,000 after purchasing an additional 1,232 shares during the last quarter. Allworth Financial LP lifted its position in shares of DraftKings by 136.0% in the third quarter. Allworth Financial LP now owns 1,631 shares of the company’s stock valued at $25,000 after acquiring an additional 940 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new stake in shares of DraftKings in the fourth quarter valued at $25,000. SJS Investment Consulting Inc. purchased a new stake in shares of DraftKings in the third quarter valued at $26,000. Finally, Ellevest Inc. lifted its position in shares of DraftKings by 1,005.5% in the third quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock valued at $30,000 after acquiring an additional 1,830 shares in the last quarter. Institutional investors and hedge funds own 30.60% of the company’s stock.

DraftKings Company Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.