DraftKings (NASDAQ:DKNG) Price Target Raised to $52.00

DraftKings (NASDAQ:DKNG) had its price target raised by stock analysts at Susquehanna from $42.00 to $52.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price target points to a potential upside of 37.19% from the stock’s previous close.

A number of other equities analysts also recently issued reports on DKNG. Northland Securities set a $50.00 price target on DraftKings in a report on Friday, April 25th. Guggenheim reduced their price objective on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Monday. Bank of America decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. Wells Fargo & Company boosted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of DraftKings in a research report on Friday. Two research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $1.68 during trading on Monday, hitting $37.91. 11,002,265 shares of the stock traded hands, compared to its average volume of 9,839,911. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market cap of $33.47 billion, a price-to-earnings ratio of -35.75, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a fifty day moving average price of $35.48 and a two-hundred day moving average price of $39.30. DraftKings has a 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts predict that DraftKings will post 0.64 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $34.04, for a total transaction of $1,796,529.08. Following the sale, the insider now owns 549,197 shares of the company’s stock, valued at approximately $18,694,665.88. The trade was a 8.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,681,079 shares of company stock valued at $112,941,617 in the last 90 days. 51.19% of the stock is currently owned by company insiders.

Institutional Trading of DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after buying an additional 707,504 shares during the last quarter. FMR LLC lifted its position in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Finally, Baillie Gifford & Co. increased its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. 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.