Stifel Nicolaus Increases DraftKings (NASDAQ:DKNG) Price Target to $57.00

DraftKings (NASDAQ:DKNG) had its price target lifted by investment analysts at Stifel Nicolaus from $48.00 to $57.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 6.56% from the company’s previous close.

Several other research analysts also recently commented on the stock. Barclays boosted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Susquehanna dropped their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. TD Cowen decreased their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Canaccord Genuity Group increased their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

DraftKings Price Performance

DKNG opened at $53.49 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61. The business’s fifty day moving average is $40.76 and its 200-day moving average is $38.89.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Sell-side analysts forecast that DraftKings will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,163,742 shares of company stock worth $47,082,888. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Norges Bank bought a new stake in DraftKings in the fourth quarter valued at $276,328,000. FMR LLC increased its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. bought a new position in shares of DraftKings during the 4th quarter worth about $246,765,000. Finally, Eminence Capital LP bought a new position in shares of DraftKings during the 4th quarter worth about $65,255,000. 37.70% of the stock is owned by institutional investors and hedge funds.

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.