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

Stifel Nicolaus restated their buy rating on shares of DraftKings (NASDAQ:DKNG) in a research note released on Friday morning, Benzinga reports. The firm currently has a $50.00 price target on the stock.

Several other research analysts also recently issued reports on the stock. BTIG Research upped their price target on shares of DraftKings from $53.00 to $55.00 and gave the stock a buy rating in a report on Monday, May 6th. Wells Fargo & Company decreased their price objective on DraftKings from $54.00 to $53.00 and set an overweight rating for the company in a report on Tuesday, June 25th. Susquehanna decreased their price objective on DraftKings from $56.00 to $49.00 and set a positive rating for the company in a report on Wednesday, June 5th. Oppenheimer decreased their price objective on DraftKings from $60.00 to $58.00 and set an outperform rating for the company in a report on Monday, July 1st. Finally, The Goldman Sachs Group began coverage on DraftKings in a report on Tuesday, April 16th. They issued a buy rating and a $60.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $49.17.

DraftKings Stock Up 1.4 %

Shares of NASDAQ:DKNG opened at $37.59 on Friday. The company has a fifty day moving average of $40.15 and a 200-day moving average of $40.69. The company has a market capitalization of $32.67 billion, a PE ratio of -31.86 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings has a 52-week low of $25.41 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results 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). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.87) earnings per share. On average, equities analysts predict that DraftKings will post -0.26 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the transaction, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold 1,520,340 shares of company stock valued at $60,996,583 in the last 90 days. 48.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

Several large investors have recently added to or reduced their stakes in DKNG. Norges Bank purchased a new stake in DraftKings in the 4th quarter valued at about $192,140,000. Ameriprise Financial Inc. increased its stake in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after buying an additional 3,444,107 shares during the last quarter. First Trust Advisors LP increased its stake in DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after buying an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. purchased a new stake in DraftKings in the 4th quarter valued at about $87,829,000. Finally, Vanguard Group Inc. increased its stake in DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after buying an additional 2,225,759 shares during the last quarter. Institutional investors 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.