"Based on management's growth initiatives and increased demand for online sports betting, we think that the shares can move higher," Staszak writes in a note to clients. While sports betting may seem ripe for a cutback when people face economic uncertainty, we've seen no signs as of yet that consumers are pulling back as DKNG continues to power to new highs.Īrgus Research analyst John Staszak agrees. Looking ahead, DraftKings tends to make the most of the NFL schedule – and seeing as the preseason is still a few months away, these new users are coming at the perfect time to add fuel to the fire this fall. The company raised its full-year guidance as a result, and shares soared more than 15% in a single session on the news. Its first-quarter financial results in May showed massive 57% year-over-year growth in new users, even as its customer acquisition cost dropped by 27%. This means there is still a lot of growth yet to come in this industry.īut specific to DraftKings, the hard numbers show this firm is flexing its muscles to push out the competition. After all, widespread legalization of sports betting occurred in 2021, and the first online sportsbook only launched at the beginning of 2022. Part of this is simply because of the megatrend of sports betting and related fantasy sports apps that continue to be a huge draw. 1 – and there are no signs that it's slowing down. DKNG stock has seen its shares double since Jan. One of the top momentum stocks on Wall Street this year is online sports betting operator DraftKings ( DKNG, $23.38).
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