FY2021 EPS Estimates for DraftKings Inc. (NASDAQ:DKNG) Cut by Truist Securiti

DraftKings Inc. (NASDAQ:DKNG) – Analysts at Truist Securiti dropped their FY2021 earnings per share estimates for DraftKings in a research note issued to investors on Monday, November 22nd. Truist Securiti analyst B. Jonas now forecasts that the company will post earnings per share of ($3.75) for the year, down from their prior estimate of ($3.68). Truist Securiti also issued estimates for DraftKings’ Q4 2021 earnings at ($0.77) EPS, Q2 2022 earnings at ($0.77) EPS, Q3 2022 earnings at ($0.93) EPS and Q4 2022 earnings at ($0.59) EPS.

A number of other brokerages also recently issued reports on DKNG. Morgan Stanley started coverage on DraftKings in a research note on Tuesday, November 2nd. They issued an “equal weight” rating and a $53.00 target price for the company. Craig Hallum raised their target price on DraftKings from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, September 14th. Northland Securities raised their target price on DraftKings from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, August 9th. Wells Fargo & Company assumed coverage on DraftKings in a research report on Tuesday, September 14th. They set an “overweight” rating and a $73.00 price objective for the company. Finally, Credit Suisse Group reissued a “buy” rating and set a $85.00 price objective on shares of DraftKings in a research report on Wednesday, September 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of “Buy” and a consensus target price of $64.88.

Shares of DKNG opened at $35.58 on Wednesday. DraftKings has a 52-week low of $34.42 and a 52-week high of $74.38. The company has a market capitalization of $14.46 billion, a PE ratio of -9.69 and a beta of 1.93. The stock has a fifty day simple moving average of $46.33 and a two-hundred day simple moving average of $49.70. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.68.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 5th. The company reported ($1.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.24). DraftKings had a negative net margin of 127.81% and a negative return on equity of 65.15%. During the same period in the previous year, the business posted ($0.98) earnings per share.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mcdonald Partners LLC increased its position in DraftKings by 13.8% during the third quarter. Mcdonald Partners LLC now owns 5,828 shares of the company’s stock worth $281,000 after buying an additional 706 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of DraftKings by 3.6% in the third quarter. Bank of New York Mellon Corp now owns 2,240,851 shares of the company’s stock valued at $107,921,000 after purchasing an additional 77,101 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $414,000. Captrust Financial Advisors increased its holdings in shares of DraftKings by 3.7% in the third quarter. Captrust Financial Advisors now owns 12,510 shares of the company’s stock valued at $602,000 after purchasing an additional 452 shares during the period. Finally, Cetera Investment Advisers increased its holdings in shares of DraftKings by 56.9% in the third quarter. Cetera Investment Advisers now owns 56,264 shares of the company’s stock valued at $2,710,000 after purchasing an additional 20,405 shares during the period. 63.23% of the stock is currently owned by institutional investors.

In other news, Director Harry Sloan purchased 50,000 shares of the business’s stock in a transaction on Tuesday, November 16th. The shares were bought at an average price of $39.52 per share, with a total value of $1,976,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Park sold 88,000 shares of DraftKings stock in a transaction that occurred on Friday, September 24th. The stock was sold at an average price of $51.47, for a total value of $4,529,360.00. The disclosure for this sale can be found here. Insiders sold a total of 2,842,701 shares of company stock valued at $158,331,116 in the last quarter. Company insiders own 62.00% of the company’s stock.

DraftKings Company Profile

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.

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Earnings History and Estimates for DraftKings (NASDAQ:DKNG)

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