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

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

Several other research analysts have also weighed in on DKNG. Wells Fargo & Company boosted their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. JMP Securities dropped their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, January 6th. Macquarie upped their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley increased their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $39.49 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $34.78 billion, a P/E ratio of -44.87 and a beta of 1.90. DraftKings has a one year low of $28.69 and a one year high of $49.57. The business’s 50-day moving average price is $40.49 and its two-hundred day moving average price is $37.90.

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). 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 analyst estimates of $1.12 billion. Analysts anticipate that DraftKings will post -0.79 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related 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 transaction, the insider now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock valued at $41,303,025 in the last quarter. Insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Candriam S.C.A. bought a new stake in shares of DraftKings in the second quarter worth about $757,000. Acadian Asset Management LLC raised its holdings in DraftKings by 1,026.9% in the 2nd quarter. Acadian Asset Management LLC now owns 25,366 shares of the company’s stock valued at $967,000 after acquiring an additional 23,115 shares in the last quarter. Ballentine Partners LLC grew its stake in DraftKings by 10.7% during the second quarter. Ballentine Partners LLC now owns 6,554 shares of the company’s stock worth $250,000 after buying an additional 632 shares in the last quarter. PFG Investments LLC lifted its stake in DraftKings by 25.5% during the second quarter. PFG Investments LLC now owns 29,200 shares of the company’s stock worth $1,115,000 after purchasing an additional 5,927 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in DraftKings during the 2nd quarter worth approximately $47,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.