DraftKings (NASDAQ:DKNG) Price Target Increased to $51.00 by Analysts at Stifel Nicolaus

DraftKings (NASDAQ:DKNG) had its price target hoisted by Stifel Nicolaus from $50.00 to $51.00 in a research note issued to investors on Monday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on DKNG. Moffett Nathanson raised their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a buy rating in a report on Thursday, March 28th. Piper Sandler raised their price target on DraftKings from $40.00 to $50.00 and gave the stock an overweight rating in a report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft upped their price objective on DraftKings from $34.00 to $35.00 and gave the stock a hold rating in a research note on Monday. Oppenheimer raised their target price on DraftKings from $55.00 to $60.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, Bank Of America (Bofa) increased their price objective on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of Moderate Buy and a consensus target price of $49.07.

DraftKings Stock Up 5.4 %

Shares of NASDAQ DKNG opened at $44.07 on Monday. The business has a 50 day simple moving average of $43.66 and a 200-day simple moving average of $39.03. DraftKings has a twelve month low of $22.65 and a twelve month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last released its earnings results 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). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the firm earned ($0.87) EPS. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. Analysts expect that DraftKings will post -0.24 EPS for the current year.

Insider Activity at DraftKings

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

Institutional Trading of DraftKings

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its stake in DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares during the period. Norges Bank purchased a new position in DraftKings during the 4th quarter worth approximately $192,140,000. Ameriprise Financial Inc. raised its stake in DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after purchasing an additional 781,058 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.