Analysts Set Expectations for DraftKings Inc.’s Q4 2024 Earnings (NASDAQ:DKNG)

DraftKings Inc. (NASDAQ:DKNG) – Analysts at Northland Capmk boosted their Q4 2024 earnings estimates for DraftKings in a research note issued on Monday, May 6th. Northland Capmk analyst G. Gibas now forecasts that the company will post earnings of $0.28 per share for the quarter, up from their previous forecast of $0.24. The consensus estimate for DraftKings’ current full-year earnings is ($0.24) per share.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. During the same period last year, the business posted ($0.87) earnings per share.

Several other brokerages have also commented on DKNG. Morgan Stanley upped their price objective on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company raised their price objective on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Barclays upped their target price on DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday. BMO Capital Markets increased their target price on DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Truist Financial restated a “buy” rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.07.

DraftKings Trading Down 1.1 %

NASDAQ:DKNG opened at $42.81 on Thursday. The firm has a market capitalization of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a fifty day moving average of $43.69 and a 200 day moving average of $39.15. DraftKings has a 52 week low of $22.65 and a 52 week high of $49.57.

Hedge Funds Weigh In On DraftKings

Several large investors have recently modified their holdings of DKNG. XR Securities LLC boosted its position in shares of DraftKings by 2,202.8% during the first quarter. XR Securities LLC now owns 20,725 shares of the company’s stock valued at $941,000 after buying an additional 19,825 shares during the period. Texas Yale Capital Corp. boosted its holdings in DraftKings by 3.2% during the 1st quarter. Texas Yale Capital Corp. now owns 134,538 shares of the company’s stock valued at $6,109,000 after acquiring an additional 4,170 shares during the period. Bleakley Financial Group LLC grew its position in DraftKings by 1.9% in the 1st quarter. Bleakley Financial Group LLC now owns 26,358 shares of the company’s stock valued at $1,197,000 after acquiring an additional 493 shares during the last quarter. Qsemble Capital Management LP purchased a new stake in DraftKings in the first quarter worth $2,010,000. Finally, Sfmg LLC lifted its position in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 48.94% of the stock is currently owned by company 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.