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

DraftKings (NASDAQ:DKNG)‘s stock had its “buy” rating reaffirmed by investment analysts at Stifel Nicolaus in a report released on Friday, Benzinga reports. They currently have a $50.00 price objective on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 33.55% from the stock’s current price.

Several other brokerages have also recently issued reports on DKNG. BTIG Research raised their price objective on DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Morgan Stanley raised their target price on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Moffett Nathanson raised their target price on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Finally, Berenberg Bank upgraded DraftKings to a “hold” rating in a research note on Friday, May 31st. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $49.17.

DraftKings Stock Up 1.4 %

DKNG stock opened at $37.44 on Friday. DraftKings has a twelve month low of $24.97 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 1.51. The company has a market capitalization of $32.54 billion, a P/E ratio of -31.73 and a beta of 1.81. The firm has a 50 day simple moving average of $40.38 and a 200-day simple moving average of $40.58.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the business earned ($0.87) earnings per share. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, equities research analysts predict that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at $9,537,500. The disclosure for this sale can be found here. Insiders sold a total of 1,520,340 shares of company stock worth $60,996,583 in the last three months. 48.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Winthrop Advisory Group LLC increased its position in DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after buying an additional 244 shares during the period. ST Germain D J Co. Inc. increased its position in DraftKings by 26.3% in the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after buying an additional 250 shares during the period. Sfmg LLC increased its position in DraftKings by 3.9% in the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after buying an additional 306 shares during the period. Fifth Third Bancorp increased its position in DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after buying an additional 331 shares during the period. Finally, Cornerstone Wealth Management LLC increased its position in DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after buying an additional 341 shares during the period. 37.70% of the stock is 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.