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

DraftKings (NASDAQ:DKNG) had its target price hoisted by Susquehanna from $51.00 to $54.00 in a research note released on Monday, Marketbeat Ratings reports. The firm currently has a positive rating on the stock.

DKNG has been the topic of several other reports. Truist Financial reissued a buy rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Wells Fargo & Company upped their price target on DraftKings from $39.00 to $53.00 and gave the company an overweight rating in a research report on Tuesday, February 20th. Piper Sandler upped their price target on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a research report on Tuesday, February 13th. Stifel Nicolaus raised DraftKings from a hold rating to a buy rating and increased their target price for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Finally, UBS Group increased their target price on DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $45.14.

DraftKings Stock Performance

DraftKings stock opened at $45.35 on Monday. The stock has a market cap of $39.30 billion, a P/E ratio of -25.91 and a beta of 1.87. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock has a 50 day moving average of $42.27 and a 200-day moving average of $36.21. DraftKings has a 52 week low of $17.42 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations 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 last year, the company posted ($0.53) earnings per share. On average, analysts expect that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated 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 sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 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 Investors Weigh In On DraftKings

Hedge funds have recently bought and sold shares of the business. Highlander Capital Management LLC lifted its stake in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after acquiring an additional 450 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $26,000. O Dell Group LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $28,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings during the 4th quarter worth about $29,000. Finally, BOKF NA purchased a new stake in shares of DraftKings during the 2nd quarter worth about $27,000. 37.70% of the stock is owned by hedge funds and other 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.