DraftKings (NASDAQ:DKNG) Given New $54.00 Price Target at Susquehanna

DraftKings (NASDAQ:DKNG) had its price target cut by stock analysts at Susquehanna from $56.00 to $54.00 in a note issued to investors on Wednesday, Marketbeat reports. The firm currently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 40.81% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Barclays boosted their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Morgan Stanley increased their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. JMP Securities cut their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Price Performance

NASDAQ DKNG opened at $38.35 on Wednesday. The firm’s fifty day simple moving average is $40.41 and its two-hundred day simple moving average is $37.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The firm has a market capitalization of $33.77 billion, a P/E ratio of -43.58 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Analysts forecast that DraftKings will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the business’s 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 of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 852,183 shares of company stock valued at $33,503,025 over the last quarter. 51.19% of the stock is owned by insiders.

Institutional Trading of DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alta Advisers Ltd purchased a new stake in DraftKings in the second quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter valued at approximately $39,000. Delos Wealth Advisors LLC purchased a new position in DraftKings during the 3rd quarter worth $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings in the third quarter valued at $46,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of DraftKings in the second quarter valued at about $47,000. 37.70% of the stock is currently 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.