DraftKings (NASDAQ:DKNG) Given New $49.00 Price Target at Susquehanna

DraftKings (NASDAQ:DKNGFree Report) had its target price trimmed by Susquehanna from $56.00 to $49.00 in a report published on Wednesday morning, Benzinga reports. The firm currently has a positive rating on the stock.

A number of other analysts have also weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of DraftKings from $51.00 to $50.00 and set a buy rating for the company in a research note on Wednesday, May 29th. Mizuho initiated coverage on shares of DraftKings in a research note on Tuesday, March 26th. They issued a buy rating and a $58.00 price objective for the company. Berenberg Bank raised shares of DraftKings to a hold rating in a research note on Friday, May 31st. Jefferies Financial Group upped their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock a buy rating in a research note on Monday, May 6th. Finally, Piper Sandler upped their price objective 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. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and a consensus target price of $49.00.

Check Out Our Latest Research Report on DraftKings

DraftKings Trading Up 3.2 %

NASDAQ DKNG opened at $36.66 on Wednesday. The company’s 50-day moving average price is $42.36 and its 200-day moving average price is $40.36. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a market cap of $31.87 billion, a PE ratio of -31.07 and a beta of 1.81. DraftKings has a 12 month low of $24.16 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNGGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.87) earnings per share. Equities research analysts forecast that DraftKings will post -0.21 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 600,000 shares of company stock worth $25,434,000. 48.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the business. Winthrop Advisory Group LLC grew its stake in shares of DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares during the period. ST Germain D J Co. Inc. grew its stake in shares of DraftKings by 26.3% during the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after purchasing an additional 250 shares during the period. Sfmg LLC grew its stake in shares of DraftKings by 3.9% during the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the period. Fifth Third Bancorp grew its stake in shares of DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the period. Finally, Cornerstone Wealth Management LLC grew its stake in shares of DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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