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

37.76

Mkt cap

19B

Volume

8.4M

High

38.14

P/E Ratio

-36.07

52-wk high

53.61

Low

36.93

Div yield

N/A

52-wk low

28.69

Penn Entertainment (NASDAQ:PENN) has announced a partnership with ESPN, along with its Q2 earnings and the divestiture of Barstool Sports. Analysts have mixed views on the deal, with some seeing it as a 'landscape-changing' move, while others are more cautious due to previous failed partnerships in the sector. The deal could lead to more consolidation in the sports betting industry and increase the total addressable market size. Penn is paying $1.5 billion over 10 years, $500 million in warrants, and additional warrants based on market share targets. The impact on DraftKings (NASDAQ:DKNG) is seen as minimal.

Portfolio Pulse from Chris Katje

August 09, 2023 | 3:28 pm

Benzinga has released its top ratings upgrades, downgrades, and initiations for August 9, 2023. Several companies have seen their ratings change, with some being upgraded to 'Buy' or 'Outperform', while others have been downgraded to 'Neutral' or 'Sell'. Notable upgrades include Mirati Therapeutics, Novavax, and Eli Lilly, while notable downgrades include Calamos Global Dynamic Income Fund, Decibel Therapeutics, and WeWork. New coverage has been initiated on Southern Co, Aytu BioPharma, and Phathom Pharmaceuticals.

Portfolio Pulse from Benzinga Insights

August 09, 2023 | 3:00 pm

DraftKings Inc (NASDAQ:DKNG) shares dropped following an exclusive online sports betting deal between PENN Entertainment Inc (NASDAQ:PENN) and ESPN, a Walt Disney Co's (NYSE:DIS) company. 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. Despite the initial sell-off, analysts upgraded DraftKings from Underweight to Neutral and raised the price target.

Portfolio Pulse from Adam Eckert

August 09, 2023 | 1:22 pm

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 09, 2023 | 12:24 pm

Citigroup analyst Jason Bazinet has maintained a 'Buy' rating on DraftKings (NASDAQ:DKNG) and raised the price target from $30 to $41.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 11:39 am

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

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