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

DraftKings (NASDAQ:DKNG) had its price target lowered by stock analysts at Susquehanna from $56.00 to $54.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price objective suggests a potential upside of 40.66% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Macquarie boosted their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price objective on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. TD Cowen lifted their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Performance

DKNG traded up $1.03 on Wednesday, reaching $38.39. The company had a trading volume of 3,040,859 shares, compared to its average volume of 6,826,161. The stock has a market cap of $33.81 billion, a P/E ratio of -43.62 and a beta of 1.90. 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 has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company’s fifty day moving average is $40.32 and its 200 day moving average is $37.90.

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

Insider Activity

In related news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on 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 $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 852,183 shares of company stock valued at $33,503,025. 51.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Alta Advisers Ltd bought a new position in shares of DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the second quarter valued at $39,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings in the third quarter worth about $43,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the 3rd quarter valued at $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $47,000. 37.70% of the stock is currently owned by institutional investors.

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.