FY2024 EPS Estimates for DraftKings Cut by Northland Capmk

DraftKings Inc. (NASDAQ:DKNG) – Research analysts at Northland Capmk dropped their FY2024 earnings estimates for shares of DraftKings in a research report issued on Monday, November 11th. Northland Capmk analyst G. Gibas now anticipates that the company will earn ($0.79) per share for the year, down from their previous estimate of ($0.41). The consensus estimate for DraftKings’ current full-year earnings is ($0.41) per share. Northland Capmk also issued estimates for DraftKings’ Q4 2024 earnings at ($0.03) EPS, Q1 2025 earnings at ($0.09) EPS, Q3 2025 earnings at ($0.27) EPS and FY2025 earnings at $0.18 EPS.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%.

Other equities analysts have also issued reports about the stock. Oppenheimer dropped their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday. Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.64.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $41.14 on Thursday. DraftKings has a 12-month low of $28.69 and a 12-month high of $49.57. The firm has a 50 day moving average of $38.15 and a 200 day moving average of $37.94. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $36.14 billion, a price-to-earnings ratio of -46.75 and a beta of 1.82.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DraftKings

A number of hedge funds have recently added to or reduced their stakes in DKNG. LRI Investments LLC bought a new position in DraftKings in the first quarter worth approximately $31,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings during the second quarter worth $39,000. V Square Quantitative Management LLC acquired a new position in DraftKings during the 3rd quarter valued at about $46,000. Finally, Creative Financial Designs Inc. ADV grew its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

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.