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

DraftKings (NASDAQ:DKNG) had its target price lowered by equities researchers at Susquehanna from $33.00 to $32.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 44.40% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of DraftKings in a research report on Tuesday, March 3rd. UBS Group cut their price target on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, March 16th. Rothschild & Co Redburn set a $35.00 price objective on shares of DraftKings in a research note on Friday, January 30th. Sanford C. Bernstein reissued an “outperform” rating and set a $30.00 price objective on shares of DraftKings in a report on Thursday, March 5th. Finally, Jefferies Financial Group set a $46.00 target price on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.05.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $22.16 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The business has a 50 day moving average price of $24.98 and a two-hundred day moving average price of $31.09. The firm has a market cap of $10.99 billion, a PE ratio of -554.00, a price-to-earnings-growth ratio of 0.87 and a beta of 1.68.

Insider Activity

In related news, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $55,040.00. Following the transaction, the director directly owned 1,406 shares in the company, valued at $35,993.60. This trade represents a 60.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the completion of the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $16,005,000. This represents a 9.55% decrease in their position. 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. 51.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Janus Henderson Group PLC boosted its stake in DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after acquiring an additional 8,524,923 shares during the period. Viking Global Investors LP grew its holdings in shares of DraftKings by 27.4% during the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after purchasing an additional 4,116,561 shares during the last quarter. Capital World Investors grew its holdings in shares of DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after purchasing an additional 4,788,337 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

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.