DraftKings Inc. (NASDAQ:DKNG) Expected to Post Earnings of -$1.22 Per Share

Wall Street brokerages predict that DraftKings Inc. (NASDAQ:DKNGGet Rating) will announce earnings of ($1.22) per share for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for DraftKings’ earnings, with estimates ranging from ($1.39) to ($0.95). DraftKings posted earnings of ($0.87) per share in the same quarter last year, which would suggest a negative year over year growth rate of 40.2%. The business is scheduled to issue its next quarterly earnings report before the market opens on Monday, January 1st.

On average, analysts expect that DraftKings will report full-year earnings of ($3.88) per share for the current financial year, with EPS estimates ranging from ($4.43) to ($3.06). For the next financial year, analysts anticipate that the business will post earnings of ($2.52) per share, with EPS estimates ranging from ($3.32) to ($1.95). Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that cover DraftKings.

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

DKNG has been the subject of several research analyst reports. Truist Financial decreased their target price on DraftKings from $30.00 to $22.00 and set a “hold” rating for the company in a research report on Tuesday, February 22nd. Needham & Company LLC decreased their target price on DraftKings from $32.00 to $25.00 in a research report on Monday. Wells Fargo & Company downgraded DraftKings from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $41.00 to $19.00 in a research report on Tuesday, February 22nd. Craig Hallum decreased their price objective on DraftKings from $40.00 to $30.00 in a report on Monday. Finally, Argus downgraded DraftKings from a “buy” rating to a “hold” rating in a report on Monday, March 7th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.90.

In other DraftKings news, CFO Jason Park sold 199,081 shares of DraftKings stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $20.26, for a total value of $4,033,381.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Erik Bradbury sold 13,632 shares of DraftKings 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. 55.92% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in DraftKings during the fourth quarter worth about $25,000. Widmann Financial Services Inc. acquired a new stake in DraftKings during the fourth quarter worth about $27,000. Compagnie Lombard Odier SCmA acquired a new stake in DraftKings during the fourth quarter worth about $27,000. Benjamin Edwards Inc. grew its stake in shares of DraftKings by 99.7% in the fourth quarter. Benjamin Edwards Inc. now owns 1,216 shares of the company’s stock valued at $33,000 after buying an additional 607 shares in the last quarter. Finally, KRS Capital Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $35,000. 33.91% of the stock is owned by institutional investors.

NASDAQ DKNG traded down $2.16 on Monday, hitting $10.99. 37,810,253 shares of the stock were exchanged, compared to its average volume of 26,559,350. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.96 and a current ratio of 2.96. The stock has a fifty day moving average price of $17.40 and a two-hundred day moving average price of $25.71. The firm has a market capitalization of $8.81 billion, a P/E ratio of -2.91 and a beta of 2.07. DraftKings has a 52-week low of $10.92 and a 52-week high of $64.58.

DraftKings Company Profile (Get Rating)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily fantasy sports, sports betting, and iGaming opportunities, as well as media and other online consumer products.

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Earnings History and Estimates for DraftKings (NASDAQ:DKNG)

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