Stifel Nicolaus Has Lowered Expectations for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its target price dropped by stock analysts at Stifel Nicolaus from $53.00 to $51.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 16.07% from the stock’s previous close.

A number of other analysts also recently commented on the company. JPMorgan Chase & Co. initiated coverage on DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price objective for the company. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Northland Securities set a $50.00 price target on shares of DraftKings in a research note on Friday, April 25th. Susquehanna boosted their price target on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a report on Monday, May 12th. Finally, Guggenheim reduced their price objective on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

DraftKings Stock Up 1.3%

Shares of DKNG opened at $43.94 on Wednesday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The company has a 50-day simple moving average of $38.82 and a 200-day simple moving average of $38.77. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61. The firm has a market capitalization of $39.08 billion, a P/E ratio of -52.94, a P/E/G ratio of 1.37 and a beta of 1.67.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares in the company, valued at $19,670,859. This trade represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director owned 5,947 shares of the company’s stock, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 536,627 shares of company stock worth $19,748,622. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several large investors have recently made changes to their positions in DKNG. Raiffeisen Bank International AG bought a new position in DraftKings during the fourth quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings in the fourth quarter valued at about $28,000. FNY Investment Advisers LLC bought a new position in shares of DraftKings during the 1st quarter valued at approximately $26,000. TD Private Client Wealth LLC increased its stake in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of DraftKings in the 1st quarter worth approximately $27,000. 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.