Susquehanna Raises DraftKings (NASDAQ:DKNG) Price Target to $56.00

DraftKings (NASDAQ:DKNG) had its price objective lifted by Susquehanna from $54.00 to $56.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a positive rating on the stock.

Other research analysts have also issued reports about the company. Mizuho assumed coverage on DraftKings in a research report on Tuesday, March 26th. They issued a buy rating and a $58.00 price target for the company. The Goldman Sachs Group assumed coverage on DraftKings in a research report on Tuesday, April 16th. They issued a buy rating and a $60.00 price target for the company. BMO Capital Markets boosted their price target on DraftKings from $43.00 to $51.00 and gave the stock an outperform rating in a research report on Friday, February 16th. JMP Securities reaffirmed a market outperform rating and set a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Finally, Truist Financial reaffirmed a buy rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of Moderate Buy and an average price target of $47.38.

DraftKings Trading Up 0.6 %

Shares of NASDAQ DKNG opened at $41.82 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The business has a fifty day simple moving average of $43.53 and a two-hundred day simple moving average of $38.67. The firm has a market cap of $36.24 billion, a PE ratio of -23.90 and a beta of 1.86. DraftKings has a twelve month low of $21.07 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same period last year, the firm earned ($0.53) earnings per share. Analysts expect that DraftKings will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of the company’s 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 sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on 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 owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock worth $45,903,509 over the last quarter. 48.94% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of DraftKings during the fourth quarter worth $7,975,000. Deutsche Bank AG boosted its holdings in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new position in DraftKings in the third quarter valued at $209,000. Schonfeld Strategic Advisors LLC boosted its holdings in DraftKings by 27.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Arizona State Retirement System boosted its holdings in DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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.