DraftKings (NASDAQ:DKNG) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of DraftKings (NASDAQ:DKNG) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. The Goldman Sachs Group’s price target points to a potential upside of 42.15% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Mizuho initiated coverage on DraftKings in a research report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 target price on the stock. Oppenheimer increased their target price on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. BNP Paribas downgraded shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research note on Friday, January 19th. Finally, Piper Sandler lifted their target price on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.93.

DraftKings Price Performance

NASDAQ DKNG opened at $42.21 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. DraftKings has a 52-week low of $19.73 and a 52-week high of $49.57. The business has a 50 day simple moving average of $43.86 and a 200 day simple moving average of $37.81. The stock has a market cap of $36.58 billion, a price-to-earnings ratio of -24.12 and a beta of 1.86.

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

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Highlander Capital Management LLC grew its stake in shares of DraftKings by 180.0% in the 4th 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 period. Transcendent Capital Group LLC acquired a new stake in DraftKings in the fourth quarter valued at approximately $26,000. Parkside Financial Bank & Trust grew its stake in DraftKings by 233.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after acquiring an additional 710 shares during the period. O Dell Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Finally, Montag A & Associates Inc. bought a new position in shares of DraftKings in the 4th quarter worth $29,000. 37.70% of the stock is owned by 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.