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

DraftKings Inc. (NASDAQ:DKNG) – Investment analysts at Truist Securiti reduced their FY2021 earnings estimates for DraftKings in a note issued to investors on Monday, November 22nd. Truist Securiti analyst B. Jonas now forecasts that the company will post earnings of ($3.75) per share for the year, down from their prior forecast 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.

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

A number of other research firms have also commented on DKNG. Citigroup dropped their price objective on DraftKings from $66.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, November 11th. Deutsche Bank Aktiengesellschaft lowered their price target on DraftKings from $51.00 to $46.00 and set a “hold” rating on the stock in a research note on Monday, November 8th. Wells Fargo & Company started coverage on DraftKings in a research note on Tuesday, September 14th. They set an “overweight” rating and a $73.00 price target on the stock. Truist lowered their price target on DraftKings from $55.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday, November 8th. Finally, Roth Capital lowered their price target on DraftKings from $39.00 to $34.00 and set a “sell” rating on the stock in a research note on Monday, November 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Buy” and a consensus price target of $64.88.

DraftKings stock opened at $35.58 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.18 and a current ratio of 3.18. The business’s 50-day simple moving average is $46.33 and its 200-day simple moving average is $49.70. The firm has a market capitalization of $14.46 billion, a PE ratio of -9.69 and a beta of 1.93. DraftKings has a 52 week low of $34.42 and a 52 week high of $74.38.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Oak Wealth Management Inc. increased its position in shares of DraftKings by 57.1% in the 2nd quarter. Northern Oak Wealth Management Inc. now owns 550 shares of the company’s stock valued at $29,000 after buying an additional 200 shares in the last quarter. Huntington National Bank boosted its stake in DraftKings by 25.0% in the 2nd quarter. Huntington National Bank now owns 1,126 shares of the company’s stock worth $59,000 after purchasing an additional 225 shares during the period. Asio Capital LLC boosted its stake in DraftKings by 3.0% in the 3rd quarter. Asio Capital LLC now owns 7,850 shares of the company’s stock worth $378,000 after purchasing an additional 230 shares during the period. Montag A & Associates Inc. boosted its stake in DraftKings by 77.0% in the 2nd quarter. Montag A & Associates Inc. now owns 531 shares of the company’s stock worth $28,000 after purchasing an additional 231 shares during the period. Finally, Oxinas Partners Wealth Management LLC boosted its stake in DraftKings by 5.0% in the 3rd quarter. Oxinas Partners Wealth Management LLC now owns 4,929 shares of the company’s stock worth $237,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 63.23% of the company’s stock.

In other DraftKings news, insider Paul Liberman sold 85,000 shares of the company’s stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $61.01, for a total transaction of $5,185,850.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John S. Salter sold 192,977 shares of the company’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $60.08, for a total transaction of $11,594,058.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,842,701 shares of company stock worth $158,331,116. 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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