DraftKings (NASDAQ:DKNG) Given New $54.00 Price Target at Susquehanna

DraftKings (NASDAQ:DKNG - Free Report) had its price target reduced by Susquehanna from $56.00 to $54.00 in a report published on Wednesday, MarketBeat Ratings reports. They currently have a positive rating on the stock.

A number of other equities research analysts have also commented on DKNG. Mizuho upped their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. BMO Capital Markets restated an "outperform" rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities decreased their price target on DraftKings from $52.00 to $50.00 and set a "market outperform" rating for the company in a report on Monday. Morgan Stanley boosted their price objective on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.08.

DraftKings Trading Up 2.6 %

NASDAQ DKNG traded up $0.99 on Wednesday, reaching $38.35. The company had a trading volume of 10,329,639 shares, compared to its average volume of 8,511,411. The firm has a market cap of $33.77 billion, a price-to-earnings ratio of -43.58 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The business has a 50 day moving average of $40.35 and a two-hundred day moving average of $37.90.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings will post -0.79 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 532,095 shares of the company's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company's stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 852,183 shares of company stock valued at $33,503,025 in the last three months. 51.19% of the stock is currently owned by insiders.

Institutional Trading of DraftKings

Several hedge funds have recently added to or reduced their stakes in DKNG. Diversified Trust Co grew its position in shares of DraftKings by 16.7% during the 4th quarter. Diversified Trust Co now owns 61,607 shares of the company's stock valued at $2,292,000 after acquiring an additional 8,802 shares during the period. Principal Financial Group Inc. grew its holdings in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Oddo BHF Asset Management Sas purchased a new stake in DraftKings in the third quarter worth $1,191,000. Wilmington Savings Fund Society FSB bought a new stake in shares of DraftKings in the third quarter valued at $304,000. Finally, Pine Valley Investments Ltd Liability Co lifted its position in shares of DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company's stock valued at $271,000 after buying an additional 249 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

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.