The Goldman Sachs Group Lowers DraftKings (NASDAQ:DKNG) Price Target to $54.00

DraftKings (NASDAQ:DKNG) had its price target trimmed by The Goldman Sachs Group from $60.00 to $54.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Macquarie lowered their price objective on shares of DraftKings from $54.00 to $52.00 and set an outperform rating for the company in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of DraftKings from $34.00 to $35.00 and gave the company a hold rating in a research report on Monday, May 6th. Wells Fargo & Company decreased their price objective on DraftKings from $54.00 to $53.00 and set an overweight rating on the stock in a report on Tuesday, June 25th. UBS Group increased their target price on DraftKings from $56.00 to $60.00 and gave the company a buy rating in a report on Wednesday, May 15th. Finally, Oppenheimer reduced their price target on DraftKings from $60.00 to $58.00 and set an outperform rating on the stock in a research report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings presently has an average rating of Moderate Buy and a consensus price target of $49.25.

DraftKings Trading Up 1.3 %

Shares of DraftKings stock opened at $30.54 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings has a 1 year low of $25.41 and a 1 year high of $49.57. The firm has a market cap of $26.55 billion, a PE ratio of -25.88 and a beta of 1.81. The company has a 50 day simple moving average of $37.23 and a two-hundred day simple moving average of $40.80.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. Analysts expect that DraftKings will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,183,546 shares of company stock worth $46,745,617. 51.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DKNG. Fifth Third Bancorp increased its position in shares of DraftKings by 8.3% during the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after acquiring an additional 331 shares in the last quarter. Ballentine Partners LLC bought a new stake in shares of DraftKings in the 4th quarter worth $213,000. Arizona State Retirement System raised its stake in shares of DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after purchasing an additional 1,237 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of DraftKings by 6.6% during the fourth quarter. Asset Management One Co. Ltd. now owns 162,966 shares of the company’s stock valued at $5,846,000 after purchasing an additional 10,037 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $7,975,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

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.