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Scott Olson
DraftKings (NASDAQ:DKNG) was added as a brand new greatest thought lengthy at Hedgeye because the sports activities betting firm seems to be making progress on fixing a few of its points and reversing misplaced market share. Draftking shares fell 4.9% regardless of the constructive name.
“Identical state revenues are re-accelerating and the brand new state outlook is as vibrant as ever,” Hedgeye analyst Todd Jordan and Sean Jenkins wrote in a notice on Thursday . “The promotional and exterior advertising surroundings appears to be like rather less aggressive than final yr with CZR scaling again and WYNN basically pulling out. DKNG over indexes to soccer so the timing is correct for additional sequential market share good points”
The brand new lengthy name come after Hedgeye was initially brief on DraftKings (DKNG) in January of final yr because of what it known as on the time an “obscene” valuation mixed with different damaging catalysts resembling declining market share.
Whereas the macro surroundings is damaging for the sector, DraftKings on a relative foundation could profit from a couple of secular tailwinds.
Hedgeye is internet hosting a presentation on DKNG at 2pm.
Draftkings (DKNG) brief curiosity is 10%.
On Monday Wells Fargo mentioned sports activities betting quantity is reported to have been robust as soon as once more for the third weekend of the NFL season, though there has additionally been an uptick in promotions.
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