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

DraftKings (NASDAQ:DKNG) had its target price decreased by Susquehanna from $56.00 to $54.00 in a research report report published on Wednesday morning, MarketBeat Ratings reports. Susquehanna currently has a positive rating on the stock.

A number of other research analysts have also weighed in on the company. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a report on Tuesday. Barclays increased their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. JMP Securities cut their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday. Finally, BNP Paribas upgraded 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. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Trading Up 2.6 %

Shares of NASDAQ:DKNG 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 12 month low of $28.69 and a 12 month high of $49.57. The company’s fifty day simple moving average is $40.35 and its 200 day simple moving average is $37.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

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

Insider Buying and Selling

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % 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 in the last three months. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its holdings in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC grew its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new stake in shares of DraftKings during the second quarter valued at approximately $39,306,000. Finally, AQR Capital Management LLC lifted its holdings in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares during the period. 37.70% of the stock is 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.