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

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

A number of other research firms have also recently weighed in on DKNG. Barclays cut their price target on DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research note on Wednesday, July 10th. The Goldman Sachs Group began coverage on DraftKings in a research note on Tuesday, April 16th. They issued a buy rating and a $60.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their price target on DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research note on Monday, May 6th. Needham & Company LLC restated a buy rating and issued a $60.00 price target on shares of DraftKings in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company cut their target price on DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $49.03.

DraftKings Trading Down 9.8 %

NASDAQ:DKNG opened at $32.02 on Thursday. The firm has a market cap of $27.83 billion, a PE ratio of -27.14 and a beta of 1.81. The stock has a fifty day moving average price of $37.74 and a 200 day moving average price of $40.99. DraftKings has a 12-month low of $25.41 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 1.51.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.15. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. DraftKings’s revenue was up 26.2% compared to the same quarter last year. During the same period last year, the business posted ($0.17) earnings per share. Sell-side analysts anticipate that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The disclosure for this sale can be found here. Insiders have sold 1,383,546 shares of company stock valued at $55,279,617 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after buying an additional 747,937 shares during the last quarter. Norges Bank purchased a new position in DraftKings in the 4th quarter valued at about $192,140,000. Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after purchasing an additional 781,058 shares in the last quarter. First Trust Advisors LP raised its stake in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of DraftKings by 20.6% in the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after purchasing an additional 663,427 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

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.