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

DraftKings (NASDAQ:DKNG) had its price target lowered by investment analysts at Susquehanna from $56.00 to $54.00 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price target would indicate a potential upside of 40.81% from the stock’s current price.

DKNG has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. JMP Securities lowered their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday. Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

DraftKings Stock Performance

NASDAQ DKNG opened at $38.35 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a fifty day simple moving average of $40.41 and a 200 day simple moving average of $37.90. The company has a market cap of $33.77 billion, a P/E ratio of -43.58 and a beta of 1.90. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Sell-side analysts predict that DraftKings will post -0.79 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 852,183 shares of company stock worth $33,503,025 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Candriam S.C.A. bought a new position in shares of DraftKings in the second quarter worth about $757,000. Acadian Asset Management LLC lifted its stake in DraftKings by 1,026.9% in the second quarter. Acadian Asset Management LLC now owns 25,366 shares of the company’s stock worth $967,000 after purchasing an additional 23,115 shares during the last quarter. Ballentine Partners LLC increased its position in shares of DraftKings by 10.7% during the second quarter. Ballentine Partners LLC now owns 6,554 shares of the company’s stock worth $250,000 after acquiring an additional 632 shares during the period. PFG Investments LLC raised its stake in shares of DraftKings by 25.5% during the second quarter. PFG Investments LLC now owns 29,200 shares of the company’s stock valued at $1,115,000 after acquiring an additional 5,927 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in DraftKings in the second quarter worth approximately $47,000. Hedge funds and other 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.