Susquehanna Increases DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNGGet Free Report) had its price objective lifted by analysts at Susquehanna from $51.00 to $54.00 in a research note issued on Monday, Briefing.com reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price objective indicates a potential upside of 14.89% from the company’s previous close.

Other analysts have also issued reports about the company. BNP Paribas lowered DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a research note on Friday, January 19th. BMO Capital Markets boosted their price objective on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Piper Sandler boosted their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Wells Fargo & Company upped their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Finally, Barclays upgraded DraftKings from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $41.00 to $50.00 in a research note on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $44.04.

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DraftKings Stock Down 0.4 %

DKNG stock opened at $47.00 on Monday. The stock’s fifty day simple moving average is $41.48 and its two-hundred day simple moving average is $35.92. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings has a 1-year low of $17.33 and a 1-year high of $48.90. The stock has a market cap of $40.73 billion, a P/E ratio of -26.86 and a beta of 1.87.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. Analysts expect that DraftKings will post -0.24 EPS for the current year.

Insider Activity

In other news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,596,101 shares of company stock worth $65,685,509 in the last quarter. 55.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Marshall Wace LLP grew its holdings in shares of DraftKings by 298.2% in the second quarter. Marshall Wace LLP now owns 1,114,676 shares of the company’s stock worth $29,617,000 after acquiring an additional 834,719 shares during the period. Deutsche Bank AG grew its holdings in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after acquiring an additional 840,755 shares during the period. EP Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter worth $209,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of DraftKings by 27.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after acquiring an additional 64,186 shares during the period. Finally, Asset Management One Co. Ltd. bought a new stake in shares of DraftKings in the third quarter worth $4,502,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

About DraftKings

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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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