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

Several US stocks recorded losses in Wednesday's pre-market trading session. Doximity, PubMatic, AerSale, Upstart Holdings, 2U, WeWork, ZipRecruiter, Expensify, Super Micro Computer, Lyft, DraftKings, MicroVision, and Tilray Brands all saw their shares dip due to various reasons such as weak sales forecasts, downbeat quarterly results, and weak revenue guidance.

Portfolio Pulse from Lisa Levin

August 09, 2023 | 10:47 am

JP Morgan analyst Joseph Greff has upgraded DraftKings (NASDAQ:DKNG) from Underweight to Neutral and announced a $26 price target.

Portfolio Pulse from richadhand@benzinga.com

August 09, 2023 | 9:14 am

Ark Invest, led by Cathie Wood, purchased nearly $14 million worth of shares in Palantir Technologies Inc (NYSE:PLTR) following the company's Q2 earnings report. The purchase was made through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). Ark Invest also bought shares of Pacific Biosciences Of California (NASDAQ:PACB) and sold shares of DraftKings Inc (NASDAQ:DKNG) and Roku Inc (NASDAQ:ROKU).

Portfolio Pulse from Benzinga Neuro

August 09, 2023 | 3:03 am

DraftKings shares are trading lower after Penn Entertainment secured an exclusive agreement with ESPN for the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 10:20 pm

DraftKings Inc (NASDAQ:DKNG) shares dropped following an exclusive online sports betting deal between PENN Entertainment Inc (NASDAQ:PENN) and ESPN. The deal gives Penn exclusive rights to the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term. Penn also sold 100% of the Barstool Sports common stock back to Dave Portnoy. Penn will pay ESPN, which is 80% owned by Walt Disney Co (NYSE:DIS), $1.5 billion for the initial 10-year term and grant ESPN approximately $500 million in warrants to purchase 31.8 million shares of Penn common stock.

Portfolio Pulse from Adam Eckert

August 08, 2023 | 9:38 pm

PENN Entertainment is set to report its Q2 financial results. The company is expected to report a revenue of $1.67 billion, matching its Q1 revenue. Analysts estimate earnings per share of 42 cents. The company's Interactive sports betting unit reported a YoY increase in revenue in Q1. PENN completed the acquisition of Barstool Sports in February and raised its full-year guidance to a range of $6.37 billion to $6.81 billion. The company's shares have lagged behind peers, down 33% in the last year and 17% YTD.

Portfolio Pulse from Chris Katje

August 08, 2023 | 6:08 pm

DraftKings Inc (NASDAQ:DKNG) is on a quicker and more visible path to profitability, according to Truist Securities analyst Barry Jonas. He upgraded the rating for DraftKings from Hold to Buy and raised the price target from $31 to $44. The company's Q2 results were significantly better than consensus estimates. DraftKings is expected to benefit from a more rational promo and marketing environment and could continue to gain market share.

Portfolio Pulse from Priya Nigam

August 08, 2023 | 3:41 pm

Morgan Stanley analyst Stephen Grambling maintains an Overweight rating on DraftKings (NASDAQ:DKNG) and raises the price target from $32 to $35.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 1:54 pm

Jim Cramer, host of CNBC's 'Mad Money Lightning Round', has given his views on several stocks. He is bullish on VICI Properties and DraftKings, recommending investors to buy before the football season. He also supports General Electric and New York Community Bancorp. However, he advised against investing in JetBlue Airways and Archer Aviation. He also mentioned that DigitalOcean Holdings got 'crushed' last week and he needs to investigate why. Cramer also praised CAVA Group, predicting its stock could reach $60.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 12:14 pm

Several companies have had their price targets adjusted by analysts. Piper Sandler raised the price target for Chegg, Inc. (CHGG) from $11 to $13, while Atlantic Equities cut Biogen Inc.'s (BIIB) price target from $282 to $275. Goldman Sachs boosted the price target for Paymentus Holdings, Inc. (PAY) from $9 to $12, and JP Morgan increased the price target for Sovos Brands, Inc. (SOVO) from $21 to $23. Other companies with adjusted price targets include Genius Sports Limited (GENI), Enanta Pharmaceuticals, Inc. (ENTA), Axsome Therapeutics, Inc. (AXSM), Datadog, Inc. (DDOG), DraftKings Inc. (DKNG), Coinbase Global, Inc. (COIN), and Five9, Inc. (FIVN).

Portfolio Pulse from Lisa Levin

August 08, 2023 | 11:43 am

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