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

DraftKings Inc. (NASDAQ:DKNG) – Truist Securiti decreased their FY2021 earnings per share estimates for DraftKings in a report released on Monday, November 22nd. Truist Securiti analyst B. Jonas now anticipates 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.

Several other equities analysts have also issued reports on the stock. Roth Capital dropped their target price on shares of DraftKings from $39.00 to $34.00 and set a “sell” rating on the stock in a report on Monday, November 15th. Needham & Company LLC initiated coverage on shares of DraftKings in a research note on Monday, August 9th. They issued a “buy” rating and a $73.00 price target for the company. Morgan Stanley initiated coverage on shares of DraftKings in a research note on Tuesday, November 2nd. They issued an “equal weight” rating and a $53.00 price target for the company. Citigroup decreased their price target on shares of DraftKings from $66.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, November 11th. Finally, Northland Securities lifted their price target on shares of DraftKings from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, August 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $64.88.

DKNG stock opened at $35.58 on Wednesday. The firm has a market cap of $14.46 billion, a price-to-earnings ratio of -9.69 and a beta of 1.93. 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 has a 12-month low of $34.42 and a 12-month high of $74.38. The company’s fifty day simple moving average is $46.33 and its 200 day simple moving average is $49.70.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, November 5th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the business posted ($0.98) earnings per share.

A number of institutional investors have recently bought and sold shares of DKNG. Parkside Financial Bank & Trust increased its holdings in DraftKings by 666.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 521 shares of the company’s stock worth $25,000 after acquiring an additional 453 shares during the period. SRS Capital Advisors Inc. bought a new stake in DraftKings during the 2nd quarter worth approximately $26,000. Montag A & Associates Inc. increased its holdings in DraftKings by 77.0% during the 2nd quarter. Montag A & Associates Inc. now owns 531 shares of the company’s stock worth $28,000 after acquiring an additional 231 shares during the period. Northern Oak Wealth Management Inc. increased its holdings in DraftKings by 57.1% during the 2nd quarter. Northern Oak Wealth Management Inc. now owns 550 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares during the period. Finally, Allworth Financial LP increased its holdings in DraftKings by 72.0% during the 3rd quarter. Allworth Financial LP now owns 860 shares of the company’s stock worth $41,000 after acquiring an additional 360 shares during the period. 63.23% of the stock is currently owned by institutional investors and hedge funds.

In other DraftKings news, insider Paul Liberman sold 85,000 shares of the business’s stock in a transaction dated Thursday, September 2nd. The shares were sold at an average price of $61.01, for a total value of $5,185,850.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 56,183 shares of the company’s stock in a transaction that occurred on Tuesday, September 14th. The shares were sold at an average price of $59.72, for a total transaction of $3,355,248.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,842,701 shares of company stock worth $158,331,116. Corporate insiders own 62.00% of the company’s stock.

About DraftKings

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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