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

DraftKings (NASDAQ:DKNG) had its target price lowered by equities research analysts at Susquehanna from $33.00 to $32.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s target price would suggest a potential upside of 49.62% from the stock’s previous close.

Other analysts have also issued reports about the company. Stifel Nicolaus decreased their target price on DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. Northland Securities set a $24.00 price objective on DraftKings in a report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft set a $26.00 price target on shares of DraftKings in a research note on Tuesday, February 17th. Citigroup reaffirmed a “market outperform” rating on shares of DraftKings in a research report on Tuesday, February 24th. Finally, Barclays reissued an “overweight” rating on shares of DraftKings in a report on Tuesday, March 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $37.05.

DraftKings Stock Up 2.2%

DKNG traded up $0.46 during midday trading on Tuesday, hitting $21.39. The company had a trading volume of 4,182,182 shares, compared to its average volume of 15,720,612. The stock’s 50 day moving average price is $25.38 and its 200 day moving average price is $31.31. DraftKings has a 52 week low of $20.46 and a 52 week high of $48.78. The company has a market capitalization of $10.60 billion, a price-to-earnings ratio of -536.90, a PEG ratio of 0.83 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 484,417 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry Sloan acquired 100,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was acquired at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the transaction, the director owned 350,219 shares of the company’s stock, valued at approximately $7,652,285.15. The trade was a 39.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 549,495 shares of company stock valued at $14,166,700 in the last ninety days. Insiders own 47.08% of the company’s stock.

Institutional Trading of DraftKings

A number of large investors have recently added to or reduced their stakes in the stock. Dagco Inc. purchased a new position in DraftKings in the fourth quarter valued at about $26,000. Ameriflex Group Inc. lifted its stake in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC bought a new position in DraftKings during the third quarter valued at $33,000. Asset Dedication LLC bought a new position in DraftKings during the third quarter valued at $37,000. Finally, Montag A & Associates Inc. raised its stake in shares of DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

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.