Susquehanna Issues Positive Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings (NASDAQ:DKNG) had its price objective raised by Susquehanna from $42.00 to $52.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a positive rating on the stock.

Several other analysts have also recently issued reports on the company. Guggenheim decreased their price objective on DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Monday. TD Cowen decreased their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Northland Securities set a $50.00 price target on DraftKings in a report on Friday, April 25th. Stifel Nicolaus decreased their price target on DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company increased their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.04.

DraftKings Stock Up 4.7%

Shares of DKNG opened at $37.93 on Monday. The stock has a market capitalization of $33.49 billion, a price-to-earnings ratio of -35.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61. The business’s 50 day simple moving average is $35.37 and its 200-day simple moving average is $39.31. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

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

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $34.04, for a total transaction of $1,796,529.08. Following the transaction, the insider now owns 549,197 shares in the company, valued at approximately $18,694,665.88. This trade represents a 8.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,681,079 shares of company stock worth $112,941,617 over the last quarter. Company insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its stake in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC purchased a new position in DraftKings in the fourth quarter valued at about $874,000. Highland Capital Management LLC purchased a new position in DraftKings in the fourth quarter valued at about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. 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.