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

DraftKings (NASDAQ:DKNG) had its target price lifted by Susquehanna from $54.00 to $56.00 in a research report released on Monday morning, Benzinga reports. They currently have a positive rating on the stock.

Several other brokerages also recently issued reports on DKNG. Mizuho started coverage on DraftKings in a research report on Tuesday, March 26th. They set a buy rating and a $58.00 price objective for the company. JPMorgan Chase & Co. reiterated an overweight rating and issued a $55.00 price target on shares of DraftKings in a report on Thursday, March 28th. Barclays boosted their price target on DraftKings from $50.00 to $52.00 and gave the company an overweight rating in a report on Friday, April 19th. Needham & Company LLC boosted their price target on DraftKings from $54.00 to $58.00 and gave the company a buy rating in a report on Wednesday, March 27th. Finally, BMO Capital Markets boosted their price target on DraftKings from $43.00 to $51.00 and gave the company an outperform rating in a report on Friday, February 16th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $47.38.

DraftKings Trading Up 0.6 %

Shares of DraftKings stock opened at $41.82 on Monday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 1 year low of $21.07 and a 1 year high of $49.57. The company has a market capitalization of $36.24 billion, a P/E ratio of -23.90 and a beta of 1.86. The business has a 50 day moving average price of $43.53 and a 200 day moving average price of $38.67.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm earned ($0.53) earnings per share. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. Sell-side analysts anticipate that DraftKings will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The disclosure for this sale can be found here. In the last three months, insiders sold 1,086,101 shares of company stock valued at $45,903,509. Company insiders own 48.94% of the company’s stock.

Institutional Trading of DraftKings

Several large investors have recently modified their holdings of DKNG. Norges Bank acquired a new position in DraftKings in the fourth quarter worth about $192,140,000. Massachusetts Financial Services Co. MA acquired a new position in DraftKings in the third quarter worth about $107,276,000. Ameriprise Financial Inc. grew its stake in DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in DraftKings in the third quarter worth about $91,790,000. Finally, First Trust Advisors LP grew its stake in DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.