DraftKings (NASDAQ:DKNG) Posts Quarterly Earnings Results

DraftKings (NASDAQ:DKNG) released its earnings results on Thursday. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02), Briefing.com reports. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business’s revenue was up 52.7% on a year-over-year basis. During the same period last year, the business earned ($0.87) earnings per share.

DraftKings Stock Performance

DKNG stock traded down $1.21 during trading on Friday, reaching $41.82. 27,173,021 shares of the stock were exchanged, compared to its average volume of 11,728,833. DraftKings has a twelve month low of $21.07 and a twelve month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $36.24 billion, a P/E ratio of -23.79 and a beta of 1.87. The stock has a 50 day simple moving average of $43.57 and a 200-day simple moving average of $38.70.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DKNG shares. Mizuho assumed coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $55.00 price target on shares of DraftKings in a report on Thursday, March 28th. Susquehanna increased their price objective on DraftKings from $54.00 to $56.00 and gave the stock a “positive” rating in a research note on Monday. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research note on Monday, March 25th. Finally, Moffett Nathanson increased their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.45.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s 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 sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the 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 transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The shares were 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 in the company, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders sold a total of 1,086,101 shares of company stock valued at $45,903,509 in the last quarter. Corporate 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.