The Goldman Sachs Group Begins Coverage on DraftKings (NASDAQ:DKNG)

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

A number of other research firms also recently commented on DKNG. Truist Financial reiterated a buy rating and issued a $55.00 target price (up from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Susquehanna boosted their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock a positive rating in a report on Monday, March 25th. Barclays upgraded shares of DraftKings from an equal weight rating to an overweight rating and boosted their target price for the stock from $41.00 to $50.00 in a report on Friday, February 23rd. Wells Fargo & Company boosted their target price on shares of DraftKings from $39.00 to $53.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Finally, UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the stock a buy rating in a report on Tuesday, March 5th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $46.93.

DraftKings Trading Down 1.4 %

Shares of NASDAQ:DKNG opened at $41.64 on Tuesday. The company has a 50 day moving average of $43.84 and a 200-day moving average of $37.84. The firm has a market cap of $36.09 billion, a P/E ratio of -23.79 and a beta of 1.86. DraftKings has a twelve month low of $20.26 and a twelve month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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). The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company’s revenue was up 43.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.53) earnings per share. As a group, analysts anticipate that DraftKings will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock valued at $65,685,509 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Hedge Funds Weigh In On DraftKings

Large investors have recently bought and sold shares of the stock. Highlander Capital Management LLC raised its stake in DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $26,000. O Dell Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $28,000. Montag A & Associates Inc. acquired a new position in shares of DraftKings in the 4th quarter valued at $29,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after buying an additional 498 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Company Profile

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.