Susquehanna Lowers DraftKings (NASDAQ:DKNG) Price Target to $32.00

DraftKings (NASDAQ:DKNG) had its price target lowered by equities researchers at Susquehanna from $33.00 to $32.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price target suggests a potential upside of 49.62% from the stock’s current price.

A number of other research analysts have also weighed in on DKNG. Berenberg Bank set a $26.40 price objective on shares of DraftKings in a research note on Tuesday, February 24th. Citigroup reaffirmed a “market outperform” rating on shares of DraftKings in a report on Tuesday, February 24th. Texas Capital upgraded DraftKings to a “hold” rating in a research report on Thursday, January 8th. JPMorgan Chase & Co. dropped their price objective on DraftKings from $41.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, February 17th. Finally, Argus lowered DraftKings from a “buy” rating to a “hold” rating in a report on Tuesday, March 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.05.

DraftKings Stock Performance

Shares of DKNG traded up $0.46 during trading hours on Tuesday, hitting $21.39. The company’s stock had a trading volume of 4,182,182 shares, compared to its average volume of 15,720,612. The business has a 50 day simple moving average of $25.38 and a two-hundred day simple moving average of $31.31. DraftKings has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $10.60 billion, a price-to-earnings ratio of -536.90, a PEG ratio of 0.83 and a beta of 1.67.

Insiders Place Their Bets

In related news, Director Harry Sloan acquired 100,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were purchased at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the transaction, the director owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of DraftKings stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the sale, the chief accounting officer directly owned 38,168 shares of the company’s stock, valued at $937,406.08. This represents a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 549,495 shares of company stock valued at $14,166,700 over the last three months. Corporate insiders own 47.08% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of large investors have recently added to or reduced their stakes in DKNG. Dagco Inc. purchased a new position in shares of DraftKings in the 4th quarter worth about $26,000. Ameriflex Group Inc. raised its holdings in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of DraftKings during the 3rd quarter valued at about $33,000. Asset Dedication LLC purchased a new position in shares of DraftKings during the 3rd quarter valued at about $37,000. Finally, Montag A & Associates Inc. lifted its position in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.