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DraftKings Positioned to Beat Q2 Income Estimates, Says Analyst | Bet-Now
  • Wed. Jul 28th, 2021

DraftKings Positioned to Beat Q2 Income Estimates, Says Analyst

ByBet-Now

Jun 26, 2021

Posted on: June 25, 2021, 09:52h. 
Final up to date on: June 25, 2021, 12:34h.

Todd Shriber Learn Extra

If state information is any indication, DraftKings (NASDAQ:DKNG) is poised to high second-quarter income estimates. That’s the view of Loop Capital analyst Daniel Adam.

A staffer works on a laptop computer at DraftKings’ Boston headquarters. An analyst says the corporate will beat Q2 income estimates. (Picture: Boston Globe)

In a observe out earlier this week, Adam evaluated information from states that DraftKings is stay in that lately reported month-to-month gross gaming income (GGR) and adjusted gaming (AGR). He identified that the sportsbook operator is trending towards a beat of income estimates for the April by means of June interval.

In different phrases, based mostly on the newest month-to-month GGR and AGR information releases, we anticipate one other ‘beat and lift’ quarter from our high decide, Purchase-rated DKNG,” mentioned the analyst.

He analyzed latest AGR and GGR reviews from Illinois, Indiana, Iowa, Michigan, New Jersey, and Pennsylvania. DraftKings can be stay with on-line sports activities betting in Colorado, New Hampshire, Tennessee, Virginia, and West Virginia.
Adam reiterated a “purchase” ranking and a $105 value goal on DraftKings inventory. That forecast implies the shares will greater than double from the June 24 shut of $51.06.
DraftKings Forecast
The Loop capital analyst estimates DraftKings every day income is down simply 11 p.c on a quarter-to-date foundation, effectively above the 23 p.c decline different analysts are calling for.

Some sluggishness in April by means of June interval is predictable for sportsbook operators as a result of soccer — probably the most wagered-on sport within the US, is out of season. Moreover, there’s no faculty basketball, and the NBA and NHL seasons are winding down. For the present quarter, analysts anticipate DraftKings to lose 57 cents a share on income of $241.82 million. In its 4 prior earnings reviews as a public firm, the operator missed earnings per share (EPS) estimates every time.

Even when the every day fantasy sports activities (DFS) big does beat second-quarter estimates, there aren’t any ensures the inventory will react in a optimistic trend. Final month, the Boston-based firm lifted its 2021 income forecast to $1.05 billion to $1.15 billion from prior estimates of $900 million to $1 billion. Nonetheless, the shares subsequently slumped.
The once-hot inventory is off 31.35 p.c from its March highs. However it’s increased by nearly 4% over the previous week, helped by Loop’s observe and expectations the corporate will probably be one of many winners as single-game betting involves Canada.
It May Take a Lot
Assuming DraftKings beats and guides increased as Loop Capital’s Adam is predicting will occur, it might take an epic topping of second-quarter estimates and main increase to 2021 steering to maneuver the inventory.
Lately, an array of iGaming and on-line sportsbook corporations upped 2021 steering, and in almost each occasion, the shares subsequently continued decrease.
For DraftKings, rallying on an earnings report won’t boil right down to beating income. However relatively, displaying traders it’s turning into extra prudent with advertising spending and that its timeline to profitability is narrowing. That, nevertheless, stays to be seen.

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