DraftKings (NASDAQ:DKNG) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of DraftKings (NASDAQ:DKNG) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $60.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Piper Sandler upped their target price on DraftKings from $40.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, February 13th. Barclays upgraded shares of DraftKings from an equal weight rating to an overweight rating and raised their price objective for the stock from $41.00 to $50.00 in a research report on Friday, February 23rd. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Mizuho began coverage on DraftKings in a research note on Tuesday, March 26th. They issued a buy rating and a $58.00 price target on the stock. Finally, BNP Paribas lowered shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 price objective on the stock. in a report on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $47.00.

DraftKings Price Performance

DraftKings stock opened at $40.68 on Tuesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company’s fifty day moving average price is $43.79 and its 200 day moving average price is $37.92. The stock has a market capitalization of $35.25 billion, a P/E ratio of -23.25 and a beta of 1.86. DraftKings has a 1 year low of $20.26 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted ($0.53) EPS. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. As a group, equities research analysts anticipate that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,596,101 shares of company stock valued at $65,685,509. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors have recently modified their holdings of the business. Highlander Capital Management LLC raised its holdings in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $26,000. Parkside Financial Bank & Trust lifted its position in DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after acquiring an additional 710 shares during the period. O Dell Group LLC purchased a new position in shares of DraftKings in the 4th quarter valued at approximately $28,000. Finally, Montag A & Associates Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $29,000. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

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.