DraftKings (NASDAQ:DKNG) Price Target Increased to $48.00 by Analysts at Susquehanna

DraftKings (NASDAQ:DKNG) had its price objective boosted by Susquehanna from $47.00 to $48.00 in a report issued on Wednesday morning, Marketbeat.com reports. Susquehanna currently has a positive rating on the stock.

A number of other research analysts also recently issued reports on the company. Benchmark raised their price target on DraftKings from $41.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, August 20th. UBS Group raised their price target on DraftKings from $56.00 to $60.00 and gave the company a buy rating in a report on Wednesday, May 15th. Bank of America dropped their price objective on DraftKings from $54.00 to $50.00 and set a buy rating for the company in a research note on Monday, July 22nd. Stifel Nicolaus restated a buy rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, BMO Capital Markets reduced their price target on shares of DraftKings from $54.00 to $48.00 and set an outperform rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $49.52.

DraftKings Stock Performance

Shares of DKNG stock opened at $35.11 on Wednesday. DraftKings has a 52 week low of $25.73 and a 52 week high of $49.57. The stock has a market capitalization of $30.52 billion, a PE ratio of -29.75 and a beta of 1.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a 50 day moving average of $35.24 and a two-hundred day moving average of $39.72.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. On average, research analysts predict that DraftKings will post -0.31 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, Director Harry Sloan sold 250,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares in the company, valued at $9,537,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

Several hedge funds and other institutional investors have recently bought and sold shares of DKNG. Vanguard Group Inc. grew its position in shares of DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after acquiring an additional 747,937 shares in the last quarter. Marshall Wace LLP lifted its stake in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares during the period. Norges Bank bought a new stake in DraftKings during the fourth quarter valued at $192,140,000. Finally, First Trust Advisors LP raised its holdings in shares of DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares during the period. 37.70% of the stock is owned by 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.