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

DraftKings (NASDAQ:DKNG) had its target price lowered by stock analysts at Stifel Nicolaus from $57.00 to $53.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 58.69% from the stock’s current price.

A number of other research analysts also recently issued reports on DKNG. BTIG Research reduced their price target on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday. Jefferies Financial Group set a $60.00 target price on DraftKings and gave the stock a “buy” rating in a research report on Sunday, April 13th. Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company raised their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Guggenheim lowered their target price on DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.85.

DraftKings Stock Up 3.0 %

Shares of NASDAQ:DKNG traded up $0.96 during midday trading on Tuesday, reaching $33.40. The company had a trading volume of 2,721,744 shares, compared to its average volume of 9,743,613. DraftKings has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $29.49 billion, a P/E ratio of -31.50, a PEG ratio of 1.43 and a beta of 2.16. The stock’s fifty day moving average price is $38.95 and its 200-day moving average price is $39.66.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts expect that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now directly owns 653,843 shares in the company, valued at approximately $25,499,877. The trade was a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,575,525 shares of company stock worth $109,441,446 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Westside Investment Management Inc. boosted its position in shares of DraftKings by 26.5% during the 3rd quarter. Westside Investment Management Inc. now owns 44,830 shares of the company’s stock valued at $1,757,000 after acquiring an additional 9,385 shares in the last quarter. Anchor Investment Management LLC boosted its stake in DraftKings by 11.9% in the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock valued at $369,000 after buying an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in DraftKings during the third quarter worth $304,000. Oddo BHF Asset Management Sas bought a new position in shares of DraftKings during the third quarter valued at $1,191,000. Finally, Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.