FY2024 EPS Estimates for DraftKings Decreased by Analyst

DraftKings Inc. (NASDAQ:DKNG - Free Report) - Northland Capmk decreased their FY2024 earnings per share (EPS) estimates for DraftKings in a report released on Wednesday, February 12th. Northland Capmk analyst G. Gibas now anticipates that the company will earn ($0.96) per share for the year, down from their previous forecast of ($0.79). The consensus estimate for DraftKings' current full-year earnings is $0.46 per share. Northland Capmk also issued estimates for DraftKings' Q4 2024 earnings at ($0.19) EPS.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%.

A number of other brokerages have also issued reports on DKNG. Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Wells Fargo & Company boosted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday. Susquehanna decreased their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, February 14th. Finally, Piper Sandler restated an "overweight" rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $53.69.

DraftKings Stock Down 2.6 %

DKNG stock traded down $1.34 during trading hours on Monday, reaching $49.44. 12,199,849 shares of the stock were exchanged, compared to its average volume of 10,004,459. The firm's 50-day moving average is $41.14 and its 200-day moving average is $39.11. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market cap of $24.22 billion, a price-to-earnings ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its position in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Norges Bank bought a new position in DraftKings during the 4th quarter worth $276,328,000. FMR LLC increased its stake in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new position in shares of DraftKings during the fourth quarter worth about $246,765,000. Finally, Eminence Capital LP bought a new stake in DraftKings in the fourth quarter valued at approximately $65,255,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company's stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,160,591 shares of company stock valued at $46,945,158 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

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.