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

DraftKings (NASDAQ:DKNG) had its target price decreased by Susquehanna from $33.00 to $32.00 in a report released on Tuesday morning,Benzinga reports. Susquehanna currently has a positive rating on the stock.

Several other equities analysts also recently weighed in on DKNG. Oppenheimer lowered their price target on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Rothschild & Co Redburn set a $35.00 price objective on shares of DraftKings in a research report on Friday, January 30th. Needham & Company LLC restated a “buy” rating and set a $35.00 target price on shares of DraftKings in a research note on Tuesday, March 3rd. JPMorgan Chase & Co. dropped their target price on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Finally, UBS Group cut their price target on DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $36.91.

DraftKings Stock Up 4.5%

DKNG stock opened at $23.16 on Tuesday. The business’s 50-day moving average price is $24.81 and its 200-day moving average price is $31.03. The stock has a market cap of $11.48 billion, a P/E ratio of -579.00, a PEG ratio of 0.89 and a beta of 1.68. 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 twelve month low of $20.46 and a twelve month high of $48.78.

Insider Activity

In related news, insider Paul Liberman sold 484,417 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry Sloan bought 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were bought at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the purchase, the director directly owned 350,219 shares of the company’s stock, valued at $7,652,285.15. This represents a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 549,495 shares of company stock valued at $14,166,700. Company insiders own 51.19% of the company’s stock.

Institutional Trading of DraftKings

Several hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC increased its holdings in shares of DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after purchasing an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after buying an additional 40,495 shares during the last quarter. Empowered Funds LLC grew its holdings in DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after buying an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in DraftKings during the 2nd quarter valued at approximately $603,000. Finally, Prudential Financial Inc. increased its stake in DraftKings by 57.7% in the 2nd quarter. Prudential Financial Inc. now owns 27,698 shares of the company’s stock worth $1,146,000 after acquiring an additional 10,134 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

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.