DraftKings (NASDAQ:DKNG) Issues Earnings Results

DraftKings (NASDAQ:DKNG) issued its quarterly earnings results on Thursday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02), Briefing.com reports. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.87) EPS.

DraftKings Stock Down 2.8 %

Shares of NASDAQ:DKNG opened at $41.82 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50 day moving average of $43.57 and a 200-day moving average of $38.70. DraftKings has a 12 month low of $21.07 and a 12 month high of $49.57.

Insider Activity

In other news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,086,101 shares of company stock worth $45,903,509. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DKNG. Barclays upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. The Goldman Sachs Group initiated coverage on shares of DraftKings in a research note on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective on the stock. Morgan Stanley increased their price target on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Wells Fargo & Company increased their target price on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Finally, JMP Securities restated a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.45.

DraftKings Company Profile

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.