DraftKings (NASDAQ:DKNG) Price Target Cut to $32.00 by Analysts at Susquehanna

DraftKings (NASDAQ:DKNG) had its price objective trimmed by Susquehanna from $33.00 to $32.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a positive rating on the stock.

Several other brokerages have also commented on DKNG. JPMorgan Chase & Co. reduced their price objective on DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Argus cut DraftKings from a “buy” rating to a “hold” rating in a research report on Tuesday, March 17th. Rothschild & Co Redburn set a $35.00 price target on DraftKings in a research note on Friday, January 30th. Deutsche Bank Aktiengesellschaft set a $26.00 price objective on DraftKings in a research note on Tuesday, February 17th. Finally, Truist Financial decreased their target price on DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.05.

DraftKings Stock Performance

Shares of DKNG stock opened at $21.62 on Tuesday. The firm has a market capitalization of $10.72 billion, a PE ratio of -540.50, a P/E/G ratio of 0.84 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The company has a 50 day moving average price of $25.16 and a 200-day moving average price of $31.15. DraftKings has a 52 week low of $20.46 and a 52 week high of $48.78.

Insider Activity

In related news, CAO Erik Bradbury sold 7,268 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the transaction, the chief accounting officer directly owned 36,736 shares of the company’s stock, valued at approximately $826,560. This represents a 16.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the transaction, the insider owned 500,000 shares of the company’s stock, valued at $16,005,000. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 549,495 shares of company stock valued at $14,166,700. 47.08% of the stock is owned by corporate insiders.

Institutional Trading of DraftKings

A number of institutional investors have recently bought and sold shares of DKNG. Vanguard Group Inc. increased its stake in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after buying an additional 1,354,457 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after buying an additional 8,524,923 shares during the period. Viking Global Investors LP lifted its holdings in shares of DraftKings by 27.4% in the 4th quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock worth $658,872,000 after buying an additional 4,116,561 shares during the period. Capital World Investors grew its position in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after buying an additional 12,008,357 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after buying an additional 4,788,337 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.