Stifel Nicolaus Lowers DraftKings (NASDAQ:DKNG) Price Target to $51.00

DraftKings (NASDAQ:DKNG - Free Report) had its target price cut by Stifel Nicolaus from $53.00 to $51.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Susquehanna increased their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a report on Monday, May 12th. Sanford C. Bernstein assumed coverage on shares of DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price objective on the stock. Bank of America lowered their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. TD Securities lowered their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Citigroup reiterated a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.10.

DraftKings Trading Down 1.1%

NASDAQ DKNG traded down $0.50 during trading on Wednesday, reaching $43.44. 2,021,391 shares of the stock traded hands, compared to its average volume of 9,689,738. The firm has a market cap of $38.63 billion, a price-to-earnings ratio of -52.34, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67. The stock's 50-day moving average price is $38.82 and its 200 day moving average price is $38.77. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insider Buying and Selling at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the transaction, the chief financial officer owned 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $19,748,622 in the last 90 days. Corporate insiders own 51.19% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC grew its position in 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 purchasing an additional 9,352,019 shares during the period. Norges Bank purchased a new position in shares of DraftKings in the 4th quarter worth about $276,328,000. FMR LLC boosted its holdings in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after buying an additional 7,150,382 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after buying an additional 4,486,488 shares during the last quarter. Finally, Eminence Capital LP boosted its holdings in shares of DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after buying an additional 3,423,909 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.