DraftKings (NASDAQ:DKNG) Receives New Coverage from Analysts at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of DraftKings (NASDAQ:DKNG) in a research note published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $60.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the stock. UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the company a buy rating in a report on Tuesday, March 5th. Mizuho began coverage on shares of DraftKings in a report on Tuesday, March 26th. They issued a buy rating and a $58.00 target price for the company. Needham & Company LLC boosted their target price on shares of DraftKings from $54.00 to $58.00 and gave the company a buy rating in a report on Wednesday, March 27th. JMP Securities restated a market outperform rating and issued a $52.00 target price on shares of DraftKings in a report on Monday, March 25th. Finally, Susquehanna boosted their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock a positive rating in a research note on Monday, March 25th. Two 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 stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $46.93.

DraftKings Stock Performance

NASDAQ:DKNG opened at $44.94 on Tuesday. The firm has a 50 day simple moving average of $43.87 and a 200-day simple moving average of $37.78. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $38.95 billion, a PE ratio of -25.68 and a beta of 1.86. DraftKings has a 1-year low of $19.10 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted 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 analyst estimates of $1.24 billion. During the same period in the prior year, the firm earned ($0.53) EPS. The business’s quarterly revenue was up 43.9% on a year-over-year basis. On average, equities analysts expect that DraftKings will post -0.25 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now owns 3,815,698 shares in the company, valued at $144,309,698.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders have 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

Several institutional investors have recently modified their holdings of the company. First Dallas Securities Inc. grew its position in shares of DraftKings by 8.6% during the first quarter. First Dallas Securities Inc. now owns 46,800 shares of the company’s stock worth $2,125,000 after acquiring an additional 3,725 shares during the last quarter. Silverleafe Capital Partners LLC bought a new position in DraftKings in the 1st quarter valued at about $1,061,000. Harbour Capital Advisors LLC grew its position in DraftKings by 161.9% in the 1st quarter. Harbour Capital Advisors LLC now owns 28,870 shares of the company’s stock valued at $1,291,000 after buying an additional 17,845 shares in the last quarter. GoalVest Advisory LLC bought a new position in DraftKings in the 1st quarter valued at about $83,000. Finally, Sunbelt Securities Inc. grew its position in DraftKings by 15.4% in the 1st quarter. Sunbelt Securities Inc. now owns 2,860 shares of the company’s stock valued at $130,000 after buying an additional 382 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

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.