DraftKings ( (DKNG) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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DraftKings’ stock experienced a decline due to Stifel’s decision to lower its price target from $51 to $50, driven by concerns over unfavorable hold and anticipated Q3 adjusted EBITDA misses. Despite this, Cathie Wood’s ARK Investment showed confidence in the company by acquiring 269,000 shares, even as insider sentiment remained negative.
More about DraftKings
YTD Price Performance: -9.18%
Average Trading Volume: 13,009,794
Technical Sentiment Signal: Sell
Current Market Cap: $29.35B
For further insights into DKNG stock on TipRanks’ Stock Analysis page.
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