DraftKings (NASDAQ:DKNG) Price Target Cut to $49.00 by Analysts at Susquehanna

DraftKings (NASDAQ:DKNGGet Free Report) had its price target dropped by investment analysts at Susquehanna from $56.00 to $49.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s price target would indicate a potential upside of 30.46% from the company’s current price.

Several other equities research analysts also recently commented on DKNG. Jefferies Financial Group lifted their target price on shares of DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Piper Sandler lifted their price target on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. BMO Capital Markets increased their price objective on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, May 6th. BTIG Research lifted their target price on DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $49.00.

Get Our Latest Report on DKNG

DraftKings Stock Up 2.5 %

Shares of NASDAQ:DKNG opened at $37.56 on Wednesday. DraftKings has a 52-week low of $24.16 and a 52-week high of $49.57. The company has a market capitalization of $32.65 billion, a PE ratio of -31.83 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. The company has a fifty day moving average of $42.21 and a 200-day moving average of $40.34.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the company earned ($0.87) EPS. DraftKings’s revenue for the quarter was up 52.7% on a year-over-year basis. On average, equities analysts predict that DraftKings will post -0.21 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the transaction, the insider now directly owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 600,000 shares of company stock worth $25,434,000 in the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Winthrop Advisory Group LLC raised its position in DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares during the period. ST Germain D J Co. Inc. lifted its position in DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after purchasing an additional 250 shares during the last quarter. Sfmg LLC boosted its stake in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after purchasing an additional 306 shares during the period. Fifth Third Bancorp increased its stake in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after buying an additional 331 shares during the period. Finally, Cornerstone Wealth Management LLC increased its position in shares of DraftKings by 4.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after acquiring an additional 341 shares during the period. 37.70% of the stock is owned by institutional investors.

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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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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