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DraftKings (NASDAQ:DKNG) rose in early trading Tuesday after MoffettNathanson upgraded the stock to Buy from Hold.
The company believes DraftKings (DKNG) will generate revenue above expectations and believes the company will be on the right path. on the cusp of a significant turnaround in profitability.
“We expect this momentum to continue on both sides of the business, which should drive strong, sustained revenue growth as the company remains focused on strategically controlling expense growth,” said analyst Robert Fishman.
DraftKings (DKNG) was noted to have made progress in closing the market share gap with US online sports betting leader FanDuel and had overtaken BetMGM as the number one player in US iGaming.
DraftKings (DKNG) Stock Rises 3.37% premarket at $29.15. The 52-week high for the sports betting stock is $34.49. The short interest on the stock stands at 5.3% of the total float. DraftKings (DKNG) won’t hit the earnings booth until November 2nd. Analysts expect revenue of $687 million and earnings per share of -$0.60 for the third quarter.
