What's Going On With DraftKings Stock?
Portfolio Pulse from Erica Kollmann
DraftKings, Inc. (NASDAQ:DKNG) stock is trading higher, with a nearly 10% increase over the past five days. Ark Invest, led by Cathie Wood, sold 229,215 shares of DraftKings through the ARK Innovation ETF (NYSE:ARKK), valued at approximately $8.04 million. DraftKings has launched its online sportsbook in Vermont, expanding its reach to 26 U.S. states and Ontario, Canada. BMO Capital analyst Brian Pitz initiated coverage on DraftKings with an Outperform rating and a price target of $43, citing the potential for the U.S. sports-betting market to exceed $100 billion.
January 18, 2024 | 5:17 pm
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POSITIVE IMPACT
DraftKings' stock is up following its expansion into Vermont and a positive analyst rating from BMO Capital with a price target of $43.
The stock price is likely to continue its upward trend in the short term due to the company's expansion into a new state and the optimistic outlook from BMO Capital, which could attract investor interest.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
ARK Innovation ETF sold a significant portion of its DraftKings shares, which may indicate a shift in investment strategy or portfolio rebalancing.
The sale of DraftKings shares by ARKK could be part of regular portfolio management. The impact on ARKK's price is uncertain as it depends on the broader market's interpretation of the sale.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70