DKNG - DraftKings Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
42.65
+2.95 (+7.44%)
As of 10:25AM EDT. Market open.
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close39.70
Open40.74
Bid42.48 x 900
Ask42.67 x 2900
Day's Range40.01 - 42.95
52 Week Range9.76 - 42.95
Volume7,284,116
Avg. Volume5,524,890
Market Cap13.328B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est23.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Despite Catalysts, Penn Stock Remains a Sell
    InvestorPlace

    Despite Catalysts, Penn Stock Remains a Sell

    In a recent write-up, I discussed how Penn National (NASDAQ:PENN) stock isn't the best casino play out there. But, given how shares have skyrocketed in recent weeks, did I miss the mark? Or was I too early to the party, going bearish before the excitement dissipated?Source: Casimiro PT / Shutterstock.com A little from column A, and a little from column B.On one hand, chalk up my concerns about valuation to a case of splitting hairs. With investors looking to bet on a rebound post-coronavirus, I didn't anticipate casino stocks moving so high so fast.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAlso, there's another factor at play: the company's investment in Barstool Sports, and the potential synergies between the sports podcasting giant and Penn's budding sports betting business. * 7 Red-Hot Biotech Stocks Racing to Develop a Coronavirus VaccineOn the other hand, investors may have gotten ahead of themselves. Casinos from coast to coast are opening back up. But it's not as if they're going back to 100% capacity anytime soon. With social distancing rules in place, it's going to be much less lively at the tables and slots.So, what does that mean for PENN stock? Don't expect shares to crash back to March's fire sale prices. But, it's reasonable to assume shares could take a breather after this month's epic rally.Let's dive in and see why today's not the time to dive into this stock. The Good, Bad, and Ugly With PENN StockWhile I am bearish on this stock's near-term prospects, I do believe the company has some unique strengths relative to other casino stocks. Unlike larger rivals like MGM (NYSE:MGM), Las Vegas Sands (NYSE:LVS), and Wynn (NASDAQ:WYNN), this company is much less tied to Las Vegas.The company owns two major properties out in the desert. But it's the collection of regional properties that makes up the core of Penn National.As InvestorPlace's Will Ashworth wrote May 26, the company's properties in Louisiana and Mississippi have already reopened. Properties in other states are slated to open up in the coming weeks. But despite this positive development, there is some "bad" to consider with this stock.Namely, that gaming revenues won't return to normal for quite some time. With social distancing rules limiting the number of players on the casino floor, it's tough to expect revenues to rebound back to levels seen pre-pandemic.And now, the ugly - by which I mean the company's "asset-light strategy." I discussed this in more detail in my last write-up. In short, I'm talking about the company's love of sale-leaseback deals instead of owning casino real estate outright.While this may have been a smart strategy during boom times, it leaves them more vulnerable during a downturn. However, thanks to a recent convertible debt offering, liquidity may be less of an issue than it was in recent months.Also, there's the company's Barstool investment to consider. Investors may be excited how. But it could be more hype than game-changer. Could Barstool Deal Fuel Massive Upside?It's not just the specter of reopening that's driving PENN stock higher. It's the Barstool Sports connection as well. Back in January, the company spent $163 million for a 36% stake in the sports podcasting juggernaut. As part of the deal, the company has the option to increase its stake up to 50% within three years.Why is Penn making such a big bet on Barstool? It isn't for the podcasts. It's for potential synergies with the company's sports betting operations. As our own Matt McCall discussed earlier this month, the sports betting legalization trend is a big opportunity for Penn National.Yet, with big opportunity comes massive competition. Companies like DraftKings (NASDAQ:DKNG) and Flutter Entertainment's Fanduel (OTCMKTS:PDYPY) already have first-mover advantage. Buying Barstool may give Penn instant access to a pool of millennial-aged, sports-obsessed potential customers. But will that be enough to give them an edge?Only time will tell. Also, will novel coronavirus mean a delay or cancellation of popular sports this fall? The NFL season is set to start on time. But the NBA, along with college football, remain up in the air.Investors have bid up the company's shares in anticipation of massive success for their sportsbook. In light of uncertainty, this appears to be too much, too soon. Bottom Line: Steer Clear of PENN StockPenn National offers investors an interesting mix. Firstly, it's a solid regional casino play. As states allow gaming facilities to reopen, shares could move higher as gamblers return to the table. Also, the company can be seen a strong sports betting play, thanks to their budding sportsbook operations, along with the Barstool partnership.Yet, all of these positives are likely priced into shares. Until shares take a breather, skip out on PENN stock, and consider other casino stocks out there.Thomas Niel, contributor to InvestorPlace, has written single-stock analysis since 2016. As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Despite Catalysts, Penn Stock Remains a Sell appeared first on InvestorPlace.

  • DraftKings Stock Will Keep Benefitting from Multiple Strong Trends
    InvestorPlace

    DraftKings Stock Will Keep Benefitting from Multiple Strong Trends

    DraftKings' (NASDAQ:DKNG) powerful, positive catalysts should push DraftKings stock much higher in both the shorter and longer term.Source: Lori Butcher/Shutterstock.com In the shorter term, the company, which is one-half of a duopoly in the fantasy sports sector, should benefit tremendously from the return of all three major American professional sports leagues at around the same time.Specifically, major league baseball looks poised to launch a shortened season in July, while the NBA is likely to resume its season soon and the NFL will probably start its season on time at the beginning of September.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAfter fantasy sports fanatics will have spent several months without any teams to manage, many of them will run to join three or four leagues at once in the third quarter. * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure As a result, in October DraftKings should report blowout Q3 results that will likely propel DraftKings stock much higher. The trend should continue in Q4, when the NFL's playoffs occur and the NBA's season resumes. Positive Catalysts for DraftKings StockOver the longer term, sports betting will tremendously lift DraftKings' results and DraftKings stock. The company recently launched sports betting in Iowa and Colorado.According to DraftKings CEO Jason Robins, multiple states, including Virginia, Michigan, Tennessee, and Illinois have legalized sports betting "over the past year or so and are in the process of working towards launching" sports betting within their borders.Robins made this comment during the company's first-quarter earnings conference call on May 15.Further, "approximately 14 states are actively considering sports betting legislation," Robins reported.Hundreds of millions of Americans love professional sports and tens of millions of Americans love betting. Consequently, I think that online sports betting in the U.S. will become huge within a year or two as many more states legalize it and many more consumers realize that it has become legal.Additionally, in the wake of the coronavirus pandemic, many states are facing huge budget deficits and will need to find new revenue sources that they can use to plug the gaps. Since legalized online sports betting can produce a great deal of revenue for states, I expect to see many states legalizing the practice and even promoting it over the next year.Given DraftKings' strong first-mover advantage in online sports betting and its high name recognition among avid sports fans, DraftKings stock should benefit tremendously from this trend.Meanwhile, in both the short-term and the longer term, DraftKings should be lifted by the growth of online betting on traditional casino games. DraftKings refers to such betting as "iGaming." Quarterly ResultsIn Q1, iGaming delivered "strong results," DraftKings reported. Further, after professional sports shut down in the U.S., the company's iGaming offerings became more popular as sports betting fans increasingly turned to online casino games, DraftKings CFO Jason Park reported.That trend likely continued during Q2, since all major sports leagues have remained closed this quarter. Additionally, DraftKings' iGaming business was likely boosted in Q2 by the fact that brick-and-mortar casinos in the U.S. were forced to shut their doors during the quarter.And even though brick-and-mortar casinos are starting to reopen now, many Americans will likely prefer to gamble online due to their fears of the coronavirus. Finally, as with sports betting, many states are likely to legalize iGaming in order to raise revenue. And once again, DraftKings should benefit from its status as a first-mover in the space.Moreover, DraftKings can eventually bring both sports betting and iGaming to other countries. Such an expansion should greatly boost DraftKing's results and its stock. The Bottom Line on DraftKings StockThe return of professional sports and the strong popularity of iGaming will boost the shares further in the shorter term. Over the next year or two, the company's many powerful, positive catalysts should enable the stock to at least double from its current levels.Larry Ramer has conducted research and written articles on U.S. stocks for 13 years. He has been employed by The Fly and Israel's largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been Lyft, solar stocks, and Snap. You can reach him on StockTwits at @larryramer. As of this writing, he did not own any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post DraftKings Stock Will Keep Benefitting from Multiple Strong Trends appeared first on InvestorPlace.

  • GlobeNewswire

    DraftKings Sportsbook Expands Partnership with Sportradar to Launch Mobile Live Streaming

    Today, DraftKings Sportsbook has announced it will offer live-streamed sports games within its award-winning mobile app. In collaboration with Sportradar, the global provider of sports data and content, DraftKings Sportsbook will provide customers with a seamless entertainment experience in one convenient location. Pursuant to state regulations, DraftKings Sportsbook customers who are logged in to their active accounts and have a wallet balance above $0.00 will have the ability to live stream games directly within the mobile app.

  • GlobeNewswire

    DraftKings Announces Redemption of Public Warrants

    BOSTON, May 27, 2020 -- DraftKings Inc. (Nasdaq: DKNG) today announced that it will redeem all of its outstanding public warrants to purchase shares of DraftKings’ Class A.

  • Nasdaq Stock Exchange President: we're not in a rush to go back
    Yahoo Finance Video

    Nasdaq Stock Exchange President: we're not in a rush to go back

    Nasdaq Stock Exchange President Nelson Griggs joins Yahoo Finance’s Akiko Fujita to discuss NYSE trading floor reopening and the economic outlook as the Senate passes a bill that could force Chinese companies to delist from U.S. stock exchange.

  • GlobeNewswire

    DraftKings Announces Jason Robins’ Participation in Upcoming Virtual Investor Conferences

    BOSTON, May 26, 2020 -- DraftKings Inc. (Nasdaq: DKNG), today announced that Jason Robins, co-founder, Chief Executive Officer and Chairman of the Board, will participate in.

  • Barrons.com

    DraftKings CEO Sees Potential Growth in In-Game Betting

    Jason Robins says he expects sports calendar to be full enough for the company to reach 2021 revenue projections.

  • DraftKings Stock Remains a Good Bet on a Pullback
    InvestorPlace

    DraftKings Stock Remains a Good Bet on a Pullback

    Still a few days shy of its one-month anniversary as a public company, DraftKings (NASDAQ:DKNG) stock is rapidly becoming the toast of Wall Street.Source: Lori Butcher/Shutterstock.com Shares of the daily fantasy sports (DFS) company and sportsbook operator are up 45% since the April 24 initial public offering. Under any circumstances, that's an impressive performance, but with DraftKings, it's even more so for a couple of reasons.First, the U.S. sports scene shutdown in mid-March due to the novel coronavirus, meaning for half of that month, all of April and until NASCAR's return last week, DraftKings customers had no opportunities for DFS play and limited wagering opportunities.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSecond, the company delivered its earnings report last week and, in unicorn-esque fashion, reported a wider-than-expected loss even as revenue jumped 30% to $88.54 million. * 7 Excellent Penny Stocks Ready to RoarNot all young companies get a pass on losing money, even when revenue is rising, but broadly speaking, that's the treatment DraftKings is getting. On Monday, three analysts lifted price targets on the stock after one did so last week.Said another way, in the span of two trading days, four of the five analysts covering the stock during that time boosted price estimates on the name. Not Playing Around, But Outlook Remains StrongOn Tuesday, Goldman Sachs Stephen Grambling initiated coverage of DraftKings, throwing rain on the parade he was joining with a "neutral" rating, but his $32 price target implies upside of about 8% from the May 19 close. The analyst's quibble, albeit modest, is that current multiples adequately reflect the various opportunities in front of DraftKings and that it's going to take some time for management's goals to be realized."We believe both sports betting and iGaming are poised to see accelerated consumer adoption in response to COVID-19 and subsequent social distancing protocols across sports and gaming. However, we believe valuation is largely reflective of these unique growth opportunities at 8X management's fully-ramped earnings before interest, taxes, depreciation and amortization (EBITDA) target which we estimate could take 7+ years to achieve, leaving more limited upside."For those that don't speak analyst, I'll cut through the lingo for you: prevailing sentiment on Wall Street is that DraftKings is comparable to an internet or cloud computing stock and not directly comparable to a traditional sportsbook operator like a William Hill (OTC:WMHY). Grambling added DraftKings is worthy of closer examination on pullbacks.Whether one bets on sports or participates in DFS or not, the comparison isn't as far flung as meets the eye. Yes, DraftKings has some brick-and-mortar sportsbooks, but its bread and butter is higher margin online and mobile wagering. Hence, the internet comp.With a DFS duopoly shared with FanDuel and robust brand recognition, DraftKings benefits from customer loyalty and subsequent revenue upside, similar to the cloud model.DraftKings' technology roots are important today and beyond. By the company's own admission, it's bleeding $15 million to $20 million a month while major domestic sports are absent. Compare to that to some traditional casino operators that are saying they're burning $2 million or more a DAY while properties are closed due to Covid-19. The Bottom Line on DraftKings StockRelevant to investors is that DraftKings has multiple avenues for justifying the internet/growth stock comparisons and multiples.Two of the next big things in betting are still in their infancy, those being esports and iGaming, or online casinos. Wagering on esports is a new growth frontier in the sports betting world, one where DraftKings is already saying it sees loads of potential.As for online casinos, the coronavirus shined a light on that opportunity. As just one example, iGaming revenue in Pennsylvania - one of a small number of states currently permitting internet casinos - surged 73% month-over-month in April. DraftKings landed an iGaming permit there on May 1.Todd Shriber has been an InvestorPlace contributor since 2014. As of this writing, he has a small position in DraftKings. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post DraftKings Stock Remains a Good Bet on a Pullback appeared first on InvestorPlace.

  • The Return of Sports Is Exactly What DraftKings Needed
    InvestorPlace

    The Return of Sports Is Exactly What DraftKings Needed

    Established in 2012, DraftKings (NASDAQ:DKNG) quickly rose to prominence, dominating the daily fantasy sports and sports betting arenas. Buoyed by favorable legislation, investors had high hopes for DraftKings stock. Unfortunately, the novel coronavirus completely cratered this narrative. Obviously, without sports, there was no point in sports betting or other derivative activities.Source: Lori Butcher/Shutterstock.com It wasn't too much of a shock, then, that DraftKings stock dropped nearly 26% in March. But in the following month, shares went ballistic, with buyers speculating on the return of sports. First, several states began gradually reopening their economies after their infection rates declined. Second, various sports leagues began discussions about a possible return.Though we're still in the early stages of the sports recovery, NASCAR provided an honest-to-goodness blueprint for how other leagues can move forward.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe festivities at Darlington Raceway in South Carolina was unlike any other event NASCAR hosted. Prior to the event, the Associated Press described it as follows:There will be no elaborate infield tailgates, inflatable pools or hundreds of American flags that fly above the campers. The grandstands will be empty gray rows, no spectators allowed.Most significantly for this sport, the race directors did not allow practice nor qualifying. Practice is especially important for NASCAR teams - or any auto racing series - as it lets engineers dial in the appropriate setup for real-time track conditions. * 7 Excellent Penny Stocks Ready to Roar Yet for fans, it didn't matter. Racing was back and it immediately bolstered the case for DraftKings stock. As you can tell by pulling up its chart, momentum has not ceased since the beginning of April.To me, DKNG is overbought at this point. However, you'll want to consider buying on the big dips. Pent-up Demand Is a Real Phenomenon for DraftKings StockIn many of my prior articles, I've discussed the role that pent-up demand will play as societies reopen and the economic machinery starts up again. Yes, Americans have suffered badly from this pandemic and the emotional and physical toll will take time to heal.Yet if I know anything, it's to never bet against America. We've endured many calamities and tragedies, including other pandemics. Each time, we've come out the other side stronger than ever. There's no reason why that wouldn't be the case this time around.Better yet, the data for pent-up demand is clear for anyone to see. For the Darlington race, it drew 6.32 million viewers, up 38% from the last race before the lockdowns. In comparison, the Daytona 500 - NASCAR's marquee event - drew seven million viewers in February. Furthermore, average viewer metrics increased conspicuously, which is something advertisers will be keying in on. And all this is net positive for DraftKings stock.It's important to recognize the context. Well before this crisis, sports analysts reported on waning interest for NASCAR. I don't find this terribly shocking considering that millennials and younger generations don't want to spend hours watching cars make (mostly) left turns. But that interest was so high for what the current generation considers a boring sport gives you an idea of what to expect when traditional powerhouse sports leagues return.And that's really what the phenomenal rise in DraftKings stock is all about. For instance, DKNG is clearly pricing in the return of baseball, which is something more up DraftKings' alley. With baseball, you have myriad opportunities. It also helps that virtually all Americans have grown up with the sport.Once it returns, the thinking is that DKNG will explode even higher. Be Smart About DKNGI'm not denying the allure of DraftKings stock. There's real substance here. At the same time, you don't want to get sucked into what the masses are doing.In April, DKNG gained over 65%. This month, we're rapidly approaching the 50% mark. As with any high-flying stock, it's time for a pullback.But when it does, this would be a golden discount. For one thing, while NASCAR's return and the likely reemergence of baseball are exciting developments, the true heavyweight - meaning football - is around the corner. I'm sure demand will be through the roof.Second, DraftKings has the opportunity to lever the new normal to its advantage. During the quarantines, eSports leagues received a sizable boost in traffic and engagement. If that trend continues, the company can organically market its eSports platform, which was also aided tremendously by favorable legislation.Ultimately, the long-term narrative for DraftKings stock is very positive. Just let it cool down a bit before taking a bite.Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post The Return of Sports Is Exactly What DraftKings Needed appeared first on InvestorPlace.

  • Barrons.com

    DraftKings Stock Is Soaring Even Though Sports Are Shut Down. Here’s Why.

    Investors like the company’s online business model, against that of capital-intensive traditional casinos that have been hard hit by Covid-19 closures.

  • Coronavirus update: New outbreaks reported in states that plan to reopen soon, while Trump suggests testing is ‘overrated’
    MarketWatch

    Coronavirus update: New outbreaks reported in states that plan to reopen soon, while Trump suggests testing is ‘overrated’

    The U.S. death toll from the coronavirus that causes COVID-19 rose above 87,000 on Saturday, as new outbreaks were reported from states where stay-at-home orders are set to expire and in states that never imposed them, raising concerns that the reopening of economies will spur new infections.

  • MarketWatch

    UPDATE: DraftKings posts weaker-than-expected first-quarter earnings but sees no long-term impact from COVID-19

    Online-gambling and fantasy-sports company DraftKings Inc. said Friday it had a net loss of $68.7 million, or 18 cents a share, in the first quarter, wider than the loss of $29.6 million, or 8 cents a share, posted in the year-earlier period. The Boston-based company said revenue rose 30% to $88.5 million from $68.1 million. The FactSet consensus was for a loss per share of 15 cents and revenue of $104 million. The company, which went public in April via a blank-check company merger with a $6 billion valuation, said the revenue jump came despite the effects of COVID-19, which has temporarily suspended live sporting events. The company has continued to make progress on priorities, including entering new states, investing in product and technology to create more live betting for American-based sports. The company has created products that allow customers to engage in fantasy sports and betting on eNASCAR, Counter Strike, and Rocket League, as well as pop culture events such as TV shows "Survivor," "The Last Dance" and "Top Chef."" The company does not anticipate an impact to FY2021 or long-term plans due to COVID-19," it said in a statement. * Draftkings later told MarketWatch by email that its revenue should include $24.9 million for SBTech, which it acquired in the blank-check deal. FactSet later changed its revenue number to reflect that.

  • GlobeNewswire

    DraftKings Reports First Quarter 2020 Results

    DraftKings Inc. (DKNG) today reported financial results for DraftKings’ and SBTech’s first quarter ended March 31, 2020, achieved prior to the completion of the companies’ business combination with Diamond Eagle Acquisition Corp. on April 23, 2020. Detailed financial data and other information are available in DraftKings’ 8-K/A, filed today with the Securities and Exchange Commission. Through its recent business combination, DraftKings has created the only vertically integrated sports betting company based in the United States.

  • Coronavirus update: Global case tally tops 4.31 million as Russia sees spike in cases, Brazil and Mexico suffer deadliest day yet
    MarketWatch

    Coronavirus update: Global case tally tops 4.31 million as Russia sees spike in cases, Brazil and Mexico suffer deadliest day yet

    The number of global cases of COVID-19 rose above 4.31 million on Wednesday, as Russia counted another 10,000 infections and Brazil and Mexico suffered their deadliest day since the start of the pandemic.

  • MarketWatch

    DraftKings share rise after George Soros investment disclosure

    DraftKings Inc. shares gained 7.5% in the regular session Tuesday after reports emerged that famed investor George Soros owns 2.7 million shares of the class A stock through an investment vehicle he runs called Quantum Partners. DraftKings disclosed the holding in a filing with the Securities and Exchange Commission last week. Other investors include Walt Disney Co. , which operates the sports channel EPSN, and the National Hockey League.

  • GlobeNewswire

    DraftKings Debuts Online Casino in Pennsylvania

    BOSTON, May 04, 2020 -- DraftKings (NASDAQ: DKNG) launched its online casino product in partnership with Hollywood Casino, an affiliate of Penn National Gaming, on Friday in.

  • GlobeNewswire

    DraftKings Launches Mobile Sports Betting in Colorado

    DraftKings Inc. (DKNG) today debuted its digital sportsbook in Colorado, providing sports fans ages 21 and over in the Centennial State with the nation’s top-rated sports betting platform to wager on their favorite leagues, players, and sporting events. Colorado marks the seventh state to offer DraftKings’ mobile and online product. As a leader in the sports betting space, DraftKings Sportsbook offers a plethora of innovative and engaging content through traditional wagering opportunities on sports games and events as well as free-to-play Pools contests around pop-culture, eSports and trivia games with thousands of dollars in prizing up for grabs daily.

  • GlobeNewswire

    DraftKings to Release First Quarter 2020 Results May 15

    BOSTON, May 01, 2020 -- DraftKings Inc. (Nasdaq: DKNG) (the “Company”, “DraftKings”), today announced that it will release DraftKings’ and SBTech’s first quarter 2020 results,.