$221.65 Million in Sales Expected for DraftKings Inc. (NASDAQ:DKNG) This Quarter


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Wall Street brokerages forecast that DraftKings Inc. (NASDAQ:DKNG) will report sales of $221.65 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for DraftKings’ earnings, with estimates ranging from $190.15 million to $256.00 million. DraftKings posted sales of $88.54 million in the same quarter last year, which suggests a positive year over year growth rate of 150.3%. The business is scheduled to announce its next earnings results before the market opens on Friday, May 7th.

According to Zacks, analysts expect that DraftKings will report full year sales of $997.31 million for the current fiscal year, with estimates ranging from $950.00 million to $1.10 billion. For the next year, analysts anticipate that the business will report sales of $1.40 billion, with estimates ranging from $1.15 billion to $1.67 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover DraftKings.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 25th. The company reported ($0.69) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.57) by ($0.12). The firm had revenue of $322.00 million during the quarter, compared to the consensus estimate of $232.04 million. The company’s revenue for the quarter was up 68.6% on a year-over-year basis.

Several analysts recently commented on the company. Zacks Investment Research lowered DraftKings from a “hold” rating to a “sell” rating in a research note on Monday, January 18th. Canaccord Genuity boosted their price target on DraftKings from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, March 8th. Credit Suisse Group boosted their price target on DraftKings from $84.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, March 16th. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Tuesday, January 26th. They issued an “outperform” rating and a $71.00 price target on the stock. Finally, Rosenblatt Securities boosted their price target on DraftKings from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $65.54.

Shares of DKNG stock opened at $57.98 on Wednesday. The stock’s fifty day simple moving average is $64.42 and its 200 day simple moving average is $54.32. DraftKings has a one year low of $15.55 and a one year high of $74.38.

Several hedge funds have recently added to or reduced their stakes in the company. CNB Bank raised its position in shares of DraftKings by 6.2% during the fourth quarter. CNB Bank now owns 3,194 shares of the company’s stock worth $148,000 after acquiring an additional 186 shares during the last quarter. Global Wealth Management Investment Advisory Inc. increased its holdings in DraftKings by 42.1% in the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 675 shares of the company’s stock valued at $31,000 after purchasing an additional 200 shares during the last quarter. HM Payson & Co. increased its holdings in DraftKings by 26.1% in the fourth quarter. HM Payson & Co. now owns 965 shares of the company’s stock valued at $45,000 after purchasing an additional 200 shares during the last quarter. North Star Investment Management Corp. increased its holdings in DraftKings by 88.3% in the fourth quarter. North Star Investment Management Corp. now owns 565 shares of the company’s stock valued at $26,000 after purchasing an additional 265 shares during the last quarter. Finally, Souders Financial Advisors increased its holdings in DraftKings by 2.2% in the fourth quarter. Souders Financial Advisors now owns 12,568 shares of the company’s stock valued at $585,000 after purchasing an additional 272 shares during the last quarter. Institutional investors own 46.50% 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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