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

DraftKings and Flutter Entertainment are seen as a duopoly in the U.S. sports betting market. Analyst Bernie McTernan maintains a Buy rating on DraftKings with a $60 price target, highlighting debates on EBITDA targets, tax surcharges, and competition. DraftKings faces challenges with lower hold rates compared to Flutter's FanDuel and higher state taxes. However, its technology stack and national marketing could help scale margins.

Portfolio Pulse from Chris Katje

August 19, 2024 | 6:06 pm

Needham analyst Bernie McTernan reiterates a Buy rating on DraftKings (NASDAQ:DKNG) and maintains a $60 price target.

Portfolio Pulse from Benzinga Newsdesk

August 19, 2024 | 10:39 am

Rookie quarterback J.J. McCarthy's injury will see Sam Darnold start for the Minnesota Vikings for the entire 2024 NFL season. This has impacted the Vikings' Super Bowl odds, now listed at +8,000 at DraftKings. Darnold's poor historical performance may lead bettors to bet against the Vikings. Odds for Darnold to win Comeback Player of the Year have improved significantly.

Portfolio Pulse from Chris Katje

August 15, 2024 | 8:38 pm

Shares of companies within the broader consumer discretionary sector are trading higher following strong economic data that helps ease recession concerns.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 5:46 pm

Deep-pocketed investors have shown unusual options activity in DraftKings (NASDAQ:DKNG), with a significant bearish sentiment. Benzinga's options scanner highlighted 10 extraordinary options activities, with 50% of the sentiment being bearish. The predicted price range for DKNG is between $17.5 and $38.0 over the next three months. Analysts have mixed ratings, with an average target price of $51.4.

Portfolio Pulse from Benzinga Insights

August 15, 2024 | 2:47 pm

DraftKings (NASDAQ:DKNG) faced backlash and a drop in shares after announcing a winning bet surcharge in high-tax states, which it later reversed following Flutter Entertainment's (NYSE:FLUT) decision not to implement a similar charge. Analysts have raised their price targets for Flutter, citing strong Q2 performance and growth potential.

Portfolio Pulse from Chris Katje

August 14, 2024 | 3:30 pm

DraftKings shares are trading higher after the company announced it will not proceed with the gaming tax surcharge.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 1:36 pm

DraftKings announced on X (formerly Twitter) that it will not proceed with the gaming tax surcharge. This decision could impact the company's financial outlook and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 1:25 pm

DraftKings Inc (NASDAQ:DKNG) shares experienced increased volatility following Flutter Entertainment's (NYSE:FLUT) Q2 results, which exceeded expectations. Flutter's decision not to impose a surcharge in high-tax U.S. states initially caused DraftKings shares to drop, but they rebounded after DraftKings announced it would also not implement a surcharge. Analysts from Needham and Truist Securities reiterated Buy ratings for DraftKings with price targets of $60 and $50, respectively.

Portfolio Pulse from Adam Eckert

August 14, 2024 | 1:22 pm

Truist Securities analyst Barry Jonas maintains a Buy rating on DraftKings (NASDAQ:DKNG) with a $50 price target.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 11:23 am

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