DraftKings (NASDAQ:DKNG) Stock Price Expected to Rise, Susquehanna Analyst Says

DraftKings (NASDAQ:DKNG) had its price objective increased by research analysts at Susquehanna from $42.00 to $52.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s price objective suggests a potential upside of 38.00% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Macquarie cut their price objective on shares of DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. Finally, Jefferies Financial Group set a $60.00 price target on DraftKings and gave the stock a “buy” rating in a research note on Sunday, April 13th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $37.68 on Monday. The firm has a market cap of $33.27 billion, a price-to-earnings ratio of -35.55, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business has a fifty day simple moving average of $35.32 and a 200 day simple moving average of $39.30.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, sell-side analysts predict that DraftKings will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the sale, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,691,079 shares of company stock valued at $111,885,917 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. grew its stake in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings in the 4th quarter worth approximately $874,000. Highland Capital Management LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after buying an additional 6,059 shares in the last quarter. 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.