Streetbeat News

DKNG

DraftKings Inc.

https://www.draftkings.com

Industry

Gambling, Resorts & Casinos

DraftKings Inc. operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states. Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states. The company's daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories. In addition, it offers DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions, as well as owns Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company. DraftKings Inc. was founded in 2011 and is headquartered in Boston, Massachusetts.

Open

40.75

Mkt cap

19B

Volume

11M

High

40.75

P/E Ratio

-45.79

52-wk high

49.57

Low

38.94

Div yield

N/A

52-wk low

28.69

Wall Street anticipates a slight decrease in the April Consumer Price Index (CPI) and core CPI, with expectations of 3.4% and 3.6% year-over-year inflation rates, respectively. Goldman Sachs aligns with these forecasts, highlighting potential trends in car insurance, health insurance, and housing rental costs. The firm also predicts a gradual decrease in core CPI inflation to about 0.2% by the end of 2024. Financial markets, especially the S&P 500 and interest rate-sensitive sectors, show significant reactions to CPI data releases, with non-profitable tech stocks like DraftKings Inc. and DoorDash Inc. being particularly volatile.

Portfolio Pulse from Piero Cingari

May 13, 2024 | 1:43 pm

Wayne Shelton placed a $100 parlay bet on DraftKings (DKNG) that could pay out $1.7 million if the Oklahoma City Thunder win the NBA Championship. The bet also included wins by the Texas Rangers and Kansas City Chiefs. Shelton, a big Thunder fan, has declined cash out offers, opting to see the bet through. The Thunder are currently in the second round of the playoffs, with games broadcast by Disney (DIS) and Warner Bros. Discovery (WBD).

Portfolio Pulse from Chris Katje

May 10, 2024 | 6:07 pm

Cathie Wood's Ark Invest made significant trades, buying shares of Shopify Inc (SHOP) and Reddit Inc (RDDT), and selling Coinbase Global Inc (COIN) shares. The Shopify purchase, valued at $30.24 million, occurred despite an 18.59% plunge in its stock price following Q1 results. Reddit shares were bought for $5.93 million, after reporting strong Q1 results and Q2 guidance. Coinbase shares were sold amid a decline in Bitcoin prices. Other trades included selling shares of Global-E Online Ltd (GLBE), Twilio Inc (TWLO), StoneCo Ltd (STNE), Draftkings Inc (DKNG), Twist Bioscience Corp (TWST), AeroVironment Inc (AVAV), and 2U Inc (TWOU), while buying Rocket Lab USA Inc (RKLB).

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 3:54 am

Cathie Wood's Ark Invest made notable trades by purchasing $29M worth of Palantir (PLTR) shares and selling over $15M in Coinbase (COIN) shares. The move to buy PLTR came despite its recent dip following its Q1 financial results and softer guidance. Meanwhile, the sale of COIN shares occurred amidst a softening Bitcoin price and regulatory actions against Robinhood, a Coinbase competitor. Other trades included selling DraftKings (DKNG), buying Rocket Lab USA (RKLB), selling Twist Bioscience (TWST), and buying Datadog (DDOG).

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 3:27 am

DraftKings (NASDAQ:DKNG) has seen a significant options trading activity, indicating a mixed sentiment among investors, with 60% bearish and 40% bullish. The trading volume and open interest in options suggest a target price range of $23.0 to $50.0. DraftKings, a leader in online sports and casino gambling, is currently live in 24 states for sports betting and 7 for iGaming. Despite a slight decrease in stock price to $44.01, professional analysts have set a consensus target price of $54.4, with ratings ranging from Buy to Overweight.

Portfolio Pulse from Benzinga Insights

May 07, 2024 | 5:16 pm

The 150th Kentucky Derby, won by underdog Mystik Dan, set records with 16.7 million viewers and a $320.5 million betting handle. NBC, owned by Comcast Corporation (CMCSA), and Churchill Downs Inc (CHDN) extended their coverage deal through 2032. TwinSpires, owned by Churchill Downs, also saw record wagers. Partnerships with Flutter Entertainment (FLUT) and DraftKings Inc (DKNG) were highlighted, with FanDuel offering promotions. CHDN stock rose 1.45% following the event.

Portfolio Pulse from Chris Katje

May 06, 2024 | 8:20 pm

Jefferies analyst David Katz maintains a Buy rating on DraftKings (NASDAQ:DKNG) and raises the price target from $52 to $54.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:43 pm

Stifel analyst Jeffrey Stantial maintains a Buy rating on DraftKings (NASDAQ:DKNG) and raises the price target from $50 to $51.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:43 pm

Deutsche Bank analyst Carlo Santarelli maintains a Hold rating on DraftKings (NASDAQ:DKNG) and raises the price target from $34 to $35.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:56 pm

Barclays analyst Brandt Montour maintains an Overweight rating on DraftKings (NASDAQ:DKNG) and raises the price target from $52 to $54.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 3:30 pm

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