Why DraftKings Stock Is Trading Higher Today
Portfolio Pulse from Ryan Gustafson
DraftKings Inc. (NASDAQ:DKNG) shares are trading higher following the company's announcement that it is no longer pursuing the acquisition of the U.S. business of PointsBet Holdings Ltd. Oppenheimer analyst Jed Kelly reiterated an Outperform rating on DraftKings and implied that PointsBet's U.S. segment was undervalued. He also noted that Fanatics Betting and Gaming could become a larger player in online sports betting.
June 29, 2023 | 6:01 pm
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POSITIVE IMPACT
DraftKings shares are trading higher after the company announced it is no longer pursuing the acquisition of PointsBet's U.S. business. The stock is also positively impacted by an Outperform rating from Oppenheimer analyst Jed Kelly.
The decision to not pursue the acquisition of PointsBet's U.S. business removes potential risks and uncertainties, which is positive for DraftKings' stock. Additionally, the Outperform rating from Oppenheimer analyst Jed Kelly provides a positive outlook for the company, further boosting the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100