FY2024 EPS Estimates for DraftKings Cut by Northland Capmk

DraftKings Inc. (NASDAQ:DKNG) – Investment analysts at Northland Capmk lowered their FY2024 earnings per share (EPS) estimates for shares of DraftKings in a note issued to investors on Wednesday, February 12th. Northland Capmk analyst G. Gibas now expects that the company will earn ($0.96) per share for the year, down from their prior estimate of ($0.79). The consensus estimate for DraftKings’ current full-year earnings is ($0.95) per share. Northland Capmk also issued estimates for DraftKings’ Q4 2024 earnings at ($0.19) EPS.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%.

Other research analysts have also issued research reports about the company. Canaccord Genuity Group increased their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus increased their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.69.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $51.49 on Monday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $25.11 billion, a price-to-earnings ratio of -58.51, a P/E/G ratio of 3.18 and a beta of 1.93. The business’s 50-day simple moving average is $40.96 and its 200-day simple moving average is $39.03. DraftKings has a 52 week low of $28.69 and a 52 week high of $53.61.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,742 shares of company stock valued at $47,082,888 in the last 90 days. 51.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DraftKings

A number of institutional investors and hedge funds have recently bought and sold shares of DKNG. Principal Financial Group Inc. raised its position in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC bought a new stake in shares of DraftKings during the third quarter worth $28,028,000. Janney Montgomery Scott LLC raised its position in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the last quarter. 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.