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Is DraftKings A Good Investment In Its Current Low?
The legality of internet sports betting is vastly becoming more widespread.
DraftKings missed their Q3 profit and sales forecasts on November 5th. On revenue of $212.8 million, the firm lost an adjusted $1.35 per share. Meanwhile, management raised the midpoint of its fiscal 2021 sales projection to $1.26 billion from a previous $1.25 billion. For their 2022 fiscal year, the business expects sales to range between $1.7 billion and $1.9 billion, while analysts expect $1.29 billion in revenue.
Latest Company Updates for 2022 Are As Follows:
On January 26th 2021, DraftKings shares jumped more than 5% after Goldman Sachs upgraded it from neutral to buy and raised the price target from $45 to $65. Bernstein actually initiated coverage with an outperform rating and a target price of $71.
DraftKings and the UFC established a partnership on March 4th to become the UFC's official sportsbook and "daily fantasy partner" in both the United States and Canada.
On April 15th, the National Football League and DraftKings announced that the sports entertainment and gambling firm would become an official NFL sports betting partner. According to the NFL, DraftKing's status as the NFL's sole official daily fantasy partner will also be renewed.
Wall Street's very own short seller Hindenburg Research issued a negative report on the company on June 15th. According to the study, a DraftKings subsidiary is linked to organized crime.
DraftKings declined to make a serious offer for the sports betting behemoth Entain on October 26th.
On November 4th, both the NBA and DraftKings established a multiyear partnership making DraftKings a co-official sports betting partner of the league.
In the sports-betting market, DraftKings stock is a good long-term investment and the company's future is exciting. Despite its lack of profits, the firm has had tremendous revenue growth and is now one of the market leaders in the online betting craze. Ultimately, it is not a buy right now because the stock is nearly 70% below its 52-week high and not at a fresh purchase point. Wait for DKNG to break out past a fresh purchase level.
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