DraftKings (NASDAQ:DKNG) Earns Buy Rating from Stifel Nicolaus

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reiterated by equities researchers at Stifel Nicolaus in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $46.00 price objective on the stock, down from their previous price objective of $50.00. Stifel Nicolaus’ target price indicates a potential upside of 50.82% from the company’s current price.

DKNG has been the topic of a number of other reports. Citigroup restated a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. Susquehanna reduced their target price on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a research note on Monday. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday. BTIG Research dropped their price target on shares of DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Finally, Canaccord Genuity Group reduced their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Twenty-six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.66.

DraftKings Price Performance

DraftKings stock opened at $30.50 on Monday. The business’s 50 day simple moving average is $37.18 and its 200 day simple moving average is $39.43. DraftKings has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a market cap of $15.18 billion, a price-to-earnings ratio of -53.51, a PEG ratio of 1.02 and a beta of 1.86. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts forecast that DraftKings will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director directly owned 402 shares in the company, valued at $18,459.84. This represents a 99.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 337,916 shares of company stock worth $14,118,881. 47.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Abbot Financial Management Inc. bought a new stake in DraftKings during the third quarter valued at $693,000. Waddell & Associates LLC increased its stake in DraftKings by 42.2% in the 3rd quarter. Waddell & Associates LLC now owns 12,196 shares of the company’s stock worth $456,000 after acquiring an additional 3,619 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of DraftKings by 30.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 14,022 shares of the company’s stock valued at $524,000 after acquiring an additional 3,258 shares in the last quarter. Transatlantique Private Wealth LLC raised its holdings in shares of DraftKings by 25.0% in the 3rd quarter. Transatlantique Private Wealth LLC now owns 26,346 shares of the company’s stock valued at $985,000 after acquiring an additional 5,264 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its position in shares of DraftKings by 276.7% during the 3rd quarter. Clearstead Advisors LLC now owns 23,060 shares of the company’s stock valued at $862,000 after acquiring an additional 16,938 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

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.