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 report released on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $60.00 price objective on the stock.

A number of other brokerages have also issued reports on DKNG. Needham & Company LLC boosted their target price on shares of DraftKings from $54.00 to $58.00 and gave the stock a buy rating in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reaffirmed an overweight rating and set a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Stifel Nicolaus raised shares of DraftKings from a hold rating to a buy rating and boosted their target price for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. BNP Paribas lowered shares of DraftKings from a neutral rating to an underperform rating and set a $28.00 target price on the stock. in a research report on Friday, January 19th. Finally, Truist Financial reaffirmed a buy rating and set a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of Moderate Buy and an average price target of $46.93.

DraftKings Price Performance

Shares of DraftKings stock opened at $44.94 on Tuesday. The firm has a fifty day simple moving average of $43.87 and a 200-day simple moving average of $37.78. 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 has a 1-year low of $19.10 and a 1-year high of $49.57. The stock has a market capitalization of $38.95 billion, a price-to-earnings ratio of -25.68 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued 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 return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm posted ($0.53) earnings per share. DraftKings’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, sell-side analysts expect that DraftKings will post -0.25 earnings per share for the current year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was 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 in the company, valued at approximately $91,656,240. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 51.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Whale Rock Capital Management LLC acquired a new position in DraftKings during the 2nd quarter worth about $215,687,000. Norges Bank acquired a new position in DraftKings during the 4th quarter worth about $192,140,000. Two Sigma Investments LP acquired a new position in DraftKings during the 1st quarter valued at about $102,351,000. Massachusetts Financial Services Co. MA acquired a new position in DraftKings during the 3rd quarter valued at about $107,276,000. Finally, Ameriprise Financial Inc. lifted its position in DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

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.