DraftKings (NASDAQ:DKNG) PT Raised to $56.00 at Susquehanna

DraftKings (NASDAQ:DKNG - Get Free Report) had its price target upped by equities researchers at Susquehanna from $54.00 to $56.00 in a report issued on Monday, Benzinga reports. The firm presently has a "positive" rating on the stock. Susquehanna's price target suggests a potential upside of 30.90% from the company's previous close.

A number of other research firms have also weighed in on DKNG. Wells Fargo & Company raised their price objective on shares of DraftKings from $39.00 to $53.00 and gave the company an "overweight" rating in a research note on Tuesday, February 20th. Mizuho assumed coverage on DraftKings in a research note on Tuesday, March 26th. They set a "buy" rating and a $58.00 price target for the company. Needham & Company LLC increased their price objective on DraftKings from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Wednesday, March 27th. Piper Sandler raised their target price on DraftKings from $40.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and issued a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.38.

DraftKings Trading Down 0.8 %

DKNG stock traded down $0.35 during mid-day trading on Monday, reaching $42.78. The company's stock had a trading volume of 9,569,092 shares, compared to its average volume of 11,583,684. DraftKings has a 12 month low of $21.07 and a 12 month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The business's 50 day moving average price is $43.54 and its 200 day moving average price is $38.46. The company has a market cap of $37.07 billion, a price-to-earnings ratio of -24.65 and a beta of 1.86.

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

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business'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 of the company's stock, valued at $130,676,752.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the company's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,086,101 shares of company stock worth $45,903,509. Corporate insiders own 48.94% of the company's stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently made changes to their positions in DKNG. Benjamin F. Edwards & Company Inc. increased its stake in DraftKings by 17.2% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 3,078 shares of the company's stock worth $140,000 after acquiring an additional 452 shares during the last quarter. RWA Wealth Partners LLC purchased a new position in shares of DraftKings during the first quarter worth about $1,423,000. Mn Services Vermogensbeheer B.V. bought a new position in shares of DraftKings in the first quarter worth approximately $7,706,000. K.J. Harrison & Partners Inc purchased a new stake in DraftKings in the first quarter valued at approximately $4,202,000. Finally, LifeSteps Financial Inc. bought a new stake in DraftKings during the first quarter valued at approximately $33,000. 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.