Q1 2022 EPS Estimates for DraftKings Inc. Lifted by Oppenheimer (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNGGet Rating) – Investment analysts at Oppenheimer raised their Q1 2022 EPS estimates for DraftKings in a report released on Monday, April 11th. Oppenheimer analyst J. Kelly now expects that the company will earn ($1.08) per share for the quarter, up from their prior estimate of ($1.09). Oppenheimer currently has a “Outperform” rating and a $32.00 price target on the stock. Oppenheimer also issued estimates for DraftKings’ Q2 2022 earnings at ($0.70) EPS, Q3 2022 earnings at ($1.21) EPS, Q4 2022 earnings at ($0.60) EPS, FY2022 earnings at ($3.58) EPS, FY2023 earnings at ($2.29) EPS, FY2024 earnings at ($1.64) EPS and FY2025 earnings at ($0.88) EPS.

DraftKings (NASDAQ:DKNGGet Rating) last announced its earnings results on Friday, February 18th. The company reported ($0.80) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.82) by $0.02. DraftKings had a negative return on equity of 75.86% and a negative net margin of 117.53%. The business had revenue of $473.33 million during the quarter, compared to analysts’ expectations of $438.46 million. During the same quarter last year, the business posted ($0.69) earnings per share.

DKNG has been the subject of several other reports. Zacks Investment Research downgraded DraftKings from a “hold” rating to a “sell” rating in a report on Tuesday, March 22nd. Canaccord Genuity Group reduced their target price on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, February 22nd. Truist Financial reduced their target price on DraftKings from $30.00 to $22.00 and set a “hold” rating for the company in a report on Tuesday, February 22nd. Morgan Stanley raised DraftKings to a “buy” rating and set a $31.00 target price for the company in a report on Monday, February 21st. Finally, Wells Fargo & Company downgraded DraftKings from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $41.00 to $19.00 in a research note on Tuesday, February 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Buy” and a consensus target price of $44.54.

Shares of NASDAQ DKNG opened at $16.41 on Wednesday. DraftKings has a 12 month low of $14.97 and a 12 month high of $64.58. The company has a market cap of $13.16 billion, a price-to-earnings ratio of -4.34 and a beta of 1.90. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 0.74. The business has a fifty day simple moving average of $19.74 and a 200-day simple moving average of $30.00.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DKNG. Asio Capital LLC increased its position in shares of DraftKings by 3.0% during the third quarter. Asio Capital LLC now owns 7,850 shares of the company’s stock valued at $378,000 after purchasing an additional 230 shares during the period. Oxinas Partners Wealth Management LLC increased its position in shares of DraftKings by 5.0% during the third quarter. Oxinas Partners Wealth Management LLC now owns 4,929 shares of the company’s stock valued at $237,000 after purchasing an additional 235 shares during the period. Evolution Wealth Advisors LLC increased its position in shares of DraftKings by 16.7% during the third quarter. Evolution Wealth Advisors LLC now owns 1,750 shares of the company’s stock valued at $84,000 after purchasing an additional 250 shares during the period. Financial Advocates Investment Management increased its position in shares of DraftKings by 3.8% during the third quarter. Financial Advocates Investment Management now owns 6,941 shares of the company’s stock valued at $334,000 after purchasing an additional 256 shares during the period. Finally, US Bancorp DE increased its position in shares of DraftKings by 4.5% during the third quarter. US Bancorp DE now owns 6,335 shares of the company’s stock valued at $305,000 after purchasing an additional 272 shares during the period. 64.55% of the stock is currently owned by hedge funds and other institutional investors.

In other DraftKings news, insider Jason Robins sold 338,027 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $15.58, for a total value of $5,266,460.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Erik Bradbury sold 13,632 shares of the firm’s stock in a transaction that occurred on Tuesday, March 1st. The shares were sold at an average price of $23.84, for a total value of $324,986.88. The disclosure for this sale can be found here. In the last three months, insiders have bought 190,000 shares of company stock worth $3,608,000 and have sold 1,316,922 shares worth $25,319,815. Corporate insiders own 55.92% of the company’s stock.

About DraftKings (Get Rating)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

Further Reading

Earnings History and Estimates for DraftKings (NASDAQ:DKNG)

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