Analyst Mike Hickey from Benchmark Co. reiterated a Buy rating on DraftKings and keeping the price target at $53.00.
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Mike Hickey has given his Buy rating due to a combination of factors that highlight DraftKings’ strong performance in the New York market. DraftKings demonstrated a remarkable Week 3 performance, showcasing a significant year-over-year increase in their hold percentage and gross gaming revenue (GGR). This performance was notably better than the overall market trends, indicating DraftKings’ competitive edge.
Moreover, despite a challenging start in Week 1, DraftKings managed to recover impressively in the subsequent weeks. The cumulative data through Week 3 reflects a positive trajectory in their handle growth compared to the previous year, further supporting the Buy rating. These factors collectively suggest a promising outlook for DraftKings, justifying the positive recommendation.
In another report released on September 24, UBS also maintained a Buy rating on the stock with a $56.00 price target.
Based on the recent corporate insider activity of 137 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DKNG in relation to earlier this year.