FY2024 EPS Estimates for DraftKings Cut by Northland Capmk

DraftKings Inc. (NASDAQ:DKNG) – Equities research analysts at Northland Capmk reduced their FY2024 earnings per share estimates for DraftKings in a report issued on Wednesday, February 12th. Northland Capmk analyst G. Gibas now forecasts 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.

A number of other equities research analysts also recently commented on DKNG. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday. JPMorgan Chase & Co. upped their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday. Truist Financial boosted their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley boosted their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus boosted 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 equities research 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, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $53.69.

DraftKings Trading Down 3.7 %

NASDAQ DKNG opened at $51.49 on Monday. The stock has a 50-day simple moving average of $40.96 and a 200 day simple moving average of $39.03. The company has a market capitalization of $25.11 billion, a PE ratio of -58.51, a P/E/G ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last released 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%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DKNG. Beacon Pointe Advisors LLC raised its stake in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock valued at $398,000 after buying an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV raised its stake in DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after buying an additional 217 shares during the period. Pine Valley Investments Ltd Liability Co raised its stake in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the period. Claro Advisors LLC raised its stake in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the period. Finally, Allworth Financial LP raised its stake in DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after buying an additional 271 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity at DraftKings

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

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.