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

DraftKings (NASDAQ:DKNGFree Report) had its price objective cut by Susquehanna from $56.00 to $54.00 in a research report report published on Wednesday morning, Marketbeat Ratings reports. They currently have a positive rating on the stock.

DKNG has been the topic of several other reports. JMP Securities lowered their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday. BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Tuesday. Finally, Barclays lifted their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

View Our Latest Research Report on DraftKings

DraftKings Trading Up 2.6 %

DraftKings stock opened at $38.35 on Wednesday. The firm has a market cap of $33.77 billion, a price-to-earnings ratio of -43.58 and a beta of 1.90. DraftKings has a 1 year low of $28.69 and a 1 year high of $49.57. The firm’s 50 day moving average price is $40.35 and its two-hundred day moving average price is $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

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

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 852,183 shares of company stock valued at $33,503,025. Insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Alta Advisers Ltd bought a new position in shares of DraftKings in the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings during the second quarter worth about $39,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at about $43,000. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at approximately $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in DraftKings during the 2nd quarter worth approximately $47,000. 37.70% of the stock is owned by institutional investors.

About DraftKings

(Get Free Report)

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.

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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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