DraftKings (NASDAQ:DKNG) Given New $48.00 Price Target at Susquehanna

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Susquehanna from $59.00 to $48.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a positive rating on the stock.

Other equities analysts also recently issued research reports about the stock. UBS Group reduced their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Citigroup reiterated a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, November 6th. Finally, Oppenheimer dropped their target price on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Twenty-six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.66.

DraftKings Trading Up 0.5%

DraftKings stock opened at $30.54 on Monday. The stock has a 50-day moving average price of $37.53 and a 200 day moving average price of $39.45. DraftKings has a 52 week low of $26.23 and a 52 week high of $53.61. The stock has a market cap of $15.16 billion, a PE ratio of -53.58, a P/E/G ratio of 1.03 and a beta of 1.86. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company posted ($0.60) earnings per share. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director owned 402 shares of the company’s stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the completion of the transaction, the insider owned 500,454 shares in the company, valued at $14,513,166. The trade was a 9.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 342,777 shares of company stock worth $14,328,924 over the last 90 days. Company insiders own 47.08% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently made changes to their positions in the business. Abbot Financial Management Inc. purchased a new stake in DraftKings during the 3rd quarter worth $693,000. Waddell & Associates LLC lifted its stake in shares of DraftKings by 42.2% during the third quarter. Waddell & Associates LLC now owns 12,196 shares of the company’s stock worth $456,000 after purchasing an additional 3,619 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of DraftKings by 30.3% during the third quarter. EverSource Wealth Advisors LLC now owns 14,022 shares of the company’s stock worth $524,000 after purchasing an additional 3,258 shares in the last quarter. Transatlantique Private Wealth LLC boosted its position in shares of DraftKings by 25.0% in the third quarter. Transatlantique Private Wealth LLC now owns 26,346 shares of the company’s stock worth $985,000 after buying an additional 5,264 shares during the period. Finally, Clearstead Advisors LLC grew its stake in shares of DraftKings by 276.7% in the third quarter. Clearstead Advisors LLC now owns 23,060 shares of the company’s stock valued at $862,000 after buying an additional 16,938 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.