DraftKings (NASDAQ:DKNG) Given New $57.00 Price Target at Stifel Nicolaus

DraftKings (NASDAQ:DKNG) had its price target raised by Stifel Nicolaus from $48.00 to $57.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Macquarie boosted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. TD Cowen dropped their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Morgan Stanley upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Price Performance

Shares of DKNG stock opened at $51.49 on Tuesday. DraftKings has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market capitalization of $25.11 billion, a price-to-earnings ratio of -58.51, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a fifty day moving average of $40.96 and a 200-day moving average of $39.03.

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

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,742 shares of company stock worth $47,082,888 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several large investors have recently made changes to their positions in DKNG. Creative Planning boosted its position in shares of DraftKings by 21.8% during the 3rd quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after acquiring an additional 11,511 shares in the last quarter. Blue Trust Inc. boosted its position in shares of DraftKings by 94.0% during the 3rd quarter. Blue Trust Inc. now owns 10,104 shares of the company’s stock worth $386,000 after acquiring an additional 4,897 shares in the last quarter. Foundations Investment Advisors LLC boosted its position in shares of DraftKings by 14.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock worth $1,555,000 after acquiring an additional 4,870 shares in the last quarter. Signaturefd LLC boosted its position in shares of DraftKings by 9.0% during the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after acquiring an additional 464 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $59,000. Institutional investors and hedge funds 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.