Draftkings Stock [DKNG] Up 300% This Past Year! $100 Share Price SOON |Latest DraftKings News Here!

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I’m a fan of Draftkings, ticker symbol DKNG mainly because of the untapped market around the country. As states open up the legalities of online gambling, Draft Kings will become more profitable.

Some of the most populated states, NY, CA, TX, FL, have still not legalized it, but, they are working to do just that. And as us investors wait on good news from those states. DraftKings is getting more good news from other areas.

Draftkings is up nearly another 10% on the day. That is up over 30% on the month. You can see here they are trading for nearly $60 a share.

This first part shouldn’t come as a big surprise since Michael Jordan is an investor in Draft Kings and also part owner of the Charlotte Hornets.

The Charlotte Hornets have named DraftKings Inc. as the exclusive Official Daily Fantasy Sports Partner of the franchise. The multi-year agreement will greatly increase DraftKings’ presence in North Carolina. Along with access to Hornets trademarks and logos, the deal provides that DraftKings-branded LED signage will be featured courtside and on the basket stanchion at Spectrum Center, in addition to logo displays on top of the backboards.
“Charlotte Hornets basketball games are must-watch TV for the NBA, and we look forward to providing Hornets fans with a best-in-class gaming experience,” said Ezra Kucharz, chief business officer at DraftKings. “We look forward to deepening our business relationship with the Hornets organization through this new agreement and showcasing DraftKings in North Carolina.”

The marketing could be big for Draft Kings, although, I would rather see an NBA contract instead of individual teams, but with restrictions in many states, I see why they have to go after individual teams. Hopefully this can start a trend. This alliance is supposed to be worth anywhere from 300k-500k annually.

Now the top reason Draftkings is trading higher is Cathie Wood, no question. It’s not the only reason, but it is the main reason.

Cathie Wood and Ark invest bought 620,300 shares of Draft Kings valued at nearly 34 million. The position was put into Cathie’s ARK Next Generation Internet ETF.

Now it’s a small position for an ETF like this one, but it’s an impressive start and shows some bullishness on Cathie’s part for future returns on Draftkings.

Cathie Wood isn’t the only one bullish on Draft Kings. Goldman Sachs analyst Stephen Grambling upgrades DraftKings from Neutral to Buy and raises the price target from $45 to $65. Morgan Stanley also upgraded their position to overweight from neutral on Draftkings.

This is what Grambling from Goldman Sachs had to say. “We upgrade DKNG based on their sustained market leading position in key states, ability to participate in the economics of single operator states, and presence of national contracts which will allow to achieve scale sooner than the broader peer group.”

Analyst Vitaly Umansky of Sanford C. Bernstein initiated coverage on the company. His initial recommendation is an unhesitating outperform (buy, in other words) at a price target of $71 per share.

He's forecasting a compound annual growth rate of 20% through 2030 in the company's tally of daily active users (DAUs), a frequently used metric of engagement for online businesses.

DraftKings and Penn National's Barstool Sportsbook went live in Michigan over the weekend and the former will also launch its online sports betting in Virginia. DraftKings now has legalized online sports betting in 12 states, which is the most in the industry. Keep pushing DraftKings. Hard to dangle that carrot of big tax earnings in front of these state governments and not find some interest peaked.

#draftkings #arkinvest #dkng

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