Susquehanna Lowers DraftKings (NASDAQ:DKNG) Price Target to $47.00

DraftKings (NASDAQ:DKNG) had its price objective lowered by Susquehanna from $49.00 to $47.00 in a report published on Thursday morning, Benzinga reports. Susquehanna currently has a positive rating on the stock.

DKNG has been the topic of a number of other research reports. The Goldman Sachs Group began coverage on shares of DraftKings in a research note on Tuesday, April 16th. They set a buy rating and a $60.00 price objective on the stock. Macquarie lowered their price objective on shares of DraftKings from $54.00 to $52.00 and set an outperform rating on the stock in a research note on Thursday, July 18th. Berenberg Bank upgraded shares of DraftKings to a hold rating in a research note on Friday, May 31st. Truist Financial lowered their price objective on shares of DraftKings from $55.00 to $53.00 and set a buy rating on the stock in a research note on Thursday, July 18th. Finally, Oppenheimer lowered their price objective on shares of DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $49.60.

DraftKings Stock Performance

NASDAQ DKNG traded down $2.86 during trading hours on Thursday, reaching $32.63. The company’s stock had a trading volume of 5,298,380 shares, compared to its average volume of 10,784,457. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The business has a 50-day simple moving average of $37.92 and a 200 day simple moving average of $40.95. DraftKings has a 52 week low of $25.41 and a 52 week high of $49.57. The stock has a market cap of $28.36 billion, a PE ratio of -27.43 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.15. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company posted ($0.17) earnings per share. DraftKings’s revenue was up 26.2% on a year-over-year basis. Equities research analysts predict that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the sale, the insider now directly owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now owns 6,814 shares in the company, valued at $244,758.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,383,546 shares of company stock worth $55,279,617. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Institutional investors and hedge funds have recently modified their holdings of the business. Highlander Capital Management LLC increased its stake in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $26,000. Montag A & Associates Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in shares of DraftKings in the first quarter valued at approximately $31,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of DraftKings in the first quarter valued at approximately $33,000. 37.70% of the stock is owned by institutional investors.

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.