DraftKings Stock Forecast 2023
Latest Stock Price
DraftKings Stock Forecast: Latest news
- Jason Robins, the CEO and Co-founder of DraftKings, expressed that the company achieved remarkable results during the second quarter of 2023. They experienced substantial revenue growth compared to the previous year, efficiently expanded their market share in terms of gross gaming revenue (GGR), and continued to prioritize operational efficiency.
- Jason Park, DraftKings’ CFO, stated that the company efficiently gained new customers while retaining and monetizing existing players through rapid product innovation, reduced promotions, and improved bet mix. Also he said, unit economics were excellent, with older states generating sufficient cash to fund investments in new states. Due to this strong performance and controlled fixed costs, they anticipate positive Adjusted EBITDA in the fourth quarter of 2023 and for the full year 2024. Consequently, they raised their revenue guidance for fiscal year 2023 to $3.5 billion and improved their Adjusted EBITDA guidance to ($205) million.
DraftKings Stock Forecast: Price Prediction for the Next 12 Months
| Average DKNG Stock Forecast for the next 12 Months | $30 |
| TD Cowen | $35 |
| Barclays | $29 |
| Roth MKM | $20 |
| BTIG | $34 |
| Morgan Stanley | $32 |
DraftKings Stock Price Prediction for the Next 5 Years (Aggregated)
- Draftkings Stock Price Prediction 2023 is $28.4
- Draftkings Stock Price Prediction 2024 is $32.1
- Draftkings Stock Price Prediction 2025 is $35.8
- Draftkings Stock Price Prediction 2026 is $39.6
- Draftkings Stock Price Prediction 2027 is $43.1
Read: Gold Price Forecast 2023: How High Will Gold Price Go?
DraftKings Stock Forecast Today
UTC: Sep 24th, 2023 05:36 PM
| Overall Outlook | Neutral |
| 1. Market's Wisdom | Neutral |
| 1a. Market Data | Partially Bearish |
| 1b. Technical Recommendation | Buy |
| 2. Crowd's Wisdom | Neutral |
| 2a. Social Media Buzz | Steady |
| 2b. Social Media Sentiment | Steady |
DraftKings Stock Forecast 2023: Performance so far
- Last 1 Month: +13.2%
- Last 6 Months: +84.2%
- Last 1 Year: +90.4%
YTD: +157.2%
DraftKings Stock Forecast 2023: Q1, 2023 & Q2, 2023 Performance
Second Quarter 2023 Highlights
- DraftKings reported Q2 2023 revenue of $875 million, an 88% increase compared to the same period in 2022. The revenue growth was driven by customer retention, efficient acquisition of new customers, product innovation, and improved promotional intensity.
- DraftKings reported $1.11 billion in cash and cash equivalents as of June 30, 2023.
- DraftKings achieved an Adjusted EBITDA of $73.0 million in Q2 2023. This is a notable improvement from the negative Adjusted EBITDA of ($118.1) million in Q2 2022.
- Monthly Unique Payers (MUPs) increased by 44% to 2.1 million in Q2 2023.
- Average Revenue per MUP (ARPMUP) was $137, a 33% increase compared to Q2 2022.
- The company expects to launch its Sportsbook product in Kentucky on September 28, 2023, pending regulatory approvals.
- 12 states have introduced legislation to legalize mobile sports betting, and 5 states have introduced legislation to legalize iGaming.
First Quarter 2023 Highlights
- For the first quarter of 2023, DraftKings reported revenue of $769.7 million, an increase of 84% compared to the same period in 2022.
- The company’s net loss for Q1 2023 was $397.1 million, compared to a net loss of $467.7 million in Q1 2022.
- DraftKings’ Monthly Unique Payers (MUPs) increased by 39% to 2.8 million in Q1 2023.
- Average Revenue per MUP (ARPMUP) was $92, a 35% increase compared to Q1 2022.
- The company improved its fiscal year 2023 Adjusted EBITDA guidance to between ($290) million and ($340) million.
- DraftKings’ total assets as of March 31, 2023, were $3.74 billion, and its total liabilities were $2.72 billion.
- Stockholders’ equity was $1.02 billion as of March 31, 2023.
- The company had $1.08 billion in cash and cash equivalents and $436.9 million reserved for users as of March 31, 2023.
DraftKings Stock Forecast 2023: Last Four Quarters Performance
| (USD) | June-23 | Mar-23 | Dec-22 | Sep-22 |
| Revenue | 874.92M | 765.65M | 855.13M | 501.94M |
| Net income | -77.27M | -397.15M | -242.7M | -450.49M |
| Diluted EPS | -0.17 | -0.87 | -0.53 | – |
| Net profit margin | -8.83% | -51.7% | -28.38% | -89.75% |
| Operating income | -69.04M | -397.14M | -229.81M | -454.42M |
| Net change in cash | -284.01M | -252.22M | -185.18M | 23.47M |
| Cash on hand | – | – | – | – |
| Cost of revenue | 510.23M | 521.74M | 485.44M | 372.69M |
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.