Stifel Nicolaus Lowers DraftKings (NASDAQ:DKNG) Price Target to $53.00

DraftKings (NASDAQ:DKNG) had its price objective cut by equities researchers at Stifel Nicolaus from $57.00 to $53.00 in a report released on Tuesday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 55.65% from the stock’s current price.

Several other research firms also recently weighed in on DKNG. Susquehanna reduced their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Guggenheim dropped their target price on DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Citigroup reiterated an “outperform” rating on shares of DraftKings in a research note on Wednesday, April 2nd. Argus set a $60.00 target price on DraftKings in a research note on Tuesday, February 18th. Finally, BTIG Research reduced their target price on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.08.

DraftKings Price Performance

DKNG opened at $34.05 on Tuesday. The firm has a market cap of $30.07 billion, a P/E ratio of -32.12, a PEG ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a 50-day moving average of $38.30 and a 200 day moving average of $39.58.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts expect that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock worth $111,145,088 in the last ninety days. 51.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new position in shares of DraftKings in the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC purchased a new stake in shares of DraftKings during the first quarter valued at approximately $26,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new position in DraftKings in the fourth quarter valued at about $28,000. Finally, GPS Wealth Strategies Group LLC boosted its position in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 564 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

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.