Shares of DraftKings (NASDAQ:DKNG) were little changed in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.29, which beat analysts’ consensus estimate of $0.08 per share.
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Sales increased by 43.9% year-over-year, with revenue hitting $1.23 billion. This missed analysts’ expectations by $10 million.
Looking forward, management now expects revenue and adjusted EBITDA for FY 2024 to be in the ranges of $4.65 billion to $4.9 billion and $410 million to $510 million, respectively.
Is DKNG Stock a Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DKNG stock based on 22 Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. After a 149% rally in its share price over the past year, the average DKNG price target of $44.52 per share implies that shares are fairly valued.
