Susquehanna Increases DraftKings (NASDAQ:DKNG) Price Target to $60.00

Key Points

• Susquehanna raised DraftKings' price target from $52.00 to $60.00, indicating a potential upside of 35.38% from the stock's previous close.
• Multiple brokerages have recently upgraded DraftKings, with a consensus rating of "Moderate Buy" and a consensus price target of $54.38.
• DraftKings shares saw a slight increase of 0.6% on the trading day, with the stock opening at $44.32.
• Company insiders sold a total of 589,404 shares worth approximately $22.6 million in the last ninety days.

DraftKings (NASDAQ:DKNG - Get Free Report) had its price objective boosted by equities researchers at Susquehanna from $52.00 to $60.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "positive" rating on the stock. Susquehanna's target price would indicate a potential upside of 35.38% from the stock's previous close.

A number of other brokerages also recently weighed in on DKNG. Cfra Research upgraded DraftKings to a "moderate buy" rating in a report on Monday, April 14th. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective for the company. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective for the company. Stifel Nicolaus decreased their price objective on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Cowen restated a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.38.

DraftKings Trading Up 0.6%

Shares of DKNG stock opened at $44.32 on Friday. The company has a market cap of $39.41 billion, a P/E ratio of -53.40, a PEG ratio of 1.51 and a beta of 1.67. The stock has a 50 day simple moving average of $39.52 and a two-hundred day simple moving average of $39.02. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insiders Place Their Bets

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer directly owned 171,268 shares in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 589,404 shares of company stock worth $22,639,746 in the last ninety days. Company insiders own 51.19% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Beacon Pointe Advisors LLC lifted its position in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after buying an additional 217 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock valued at $132,000 after buying an additional 270 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock valued at $34,000 after buying an additional 282 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock valued at $146,000 after buying an additional 286 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Company Profile

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.

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