Susquehanna Forecasts Strong Price Appreciation for DraftKings (NASDAQ:DKNG) Stock

DraftKings (NASDAQ:DKNG) had its price target lifted by equities researchers at Susquehanna from $42.00 to $52.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 38.00% from the stock’s previous close.

Other analysts also recently issued research reports about the company. TD Cowen cut their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Piper Sandler reissued an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Barclays lowered their price target on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.04.

DraftKings Stock Down 0.7%

Shares of DraftKings stock opened at $37.68 on Monday. The business has a 50-day moving average price of $35.32 and a 200 day moving average price of $39.30. DraftKings has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $33.27 billion, a P/E ratio of -35.55, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

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

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This trade represents a 46.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,691,079 shares of company stock valued at $111,885,917. Corporate insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

A number of hedge funds have recently bought and sold shares of DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new stake in DraftKings in the 1st quarter worth about $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the 1st quarter worth about $27,000. Stonebridge Financial Group LLC purchased a new position in DraftKings during the 4th quarter valued at about $28,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings in the 4th quarter valued at about $28,000. 37.70% of the stock is owned by hedge funds and other 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.