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

DraftKings (NASDAQ:DKNG) had its price objective upped by Susquehanna from $51.00 to $54.00 in a report published on Monday morning, Marketbeat Ratings reports. They currently have a positive rating on the stock.

Several other research analysts have also recently issued reports on the stock. Bank Of America (Bofa) upped their target price on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Piper Sandler increased their price target on shares of DraftKings from $40.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, February 13th. Argus increased their price target on shares of DraftKings from $40.00 to $46.00 and gave the stock a buy rating in a research note on Monday, November 27th. Wells Fargo & Company increased their price target on shares of DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a research note on Tuesday, February 20th. Finally, Truist Financial restated a buy rating and set a $55.00 price objective (up previously 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 given a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $46.43.

DraftKings Price Performance

DraftKings stock opened at $45.41 on Monday. The company’s 50 day simple moving average is $42.43 and its 200-day simple moving average is $36.28. The company has a market capitalization of $39.35 billion, a price-to-earnings ratio of -25.95 and a beta of 1.87. DraftKings has a 1 year low of $17.42 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

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

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,596,101 shares of company stock valued at $65,685,509. Insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds have recently made changes to their positions in DKNG. Highlander Capital Management LLC increased its stake in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in DraftKings in the fourth quarter worth $26,000. BOKF NA acquired a new position in DraftKings in the second quarter worth $27,000. Parkside Financial Bank & Trust boosted its holdings in shares of DraftKings by 233.6% during the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after acquiring an additional 710 shares during the period. Finally, O Dell Group LLC acquired a new position in shares of DraftKings during the fourth quarter valued at $28,000. Hedge funds and other institutional investors 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.