DraftKings Posts In Line Q2, Continues Investing In Prediction Markets

DraftKings Inc (NASDAQ: DKNG ) shares rose in early trading on Friday, after the company reported its second-quarter results. While the company reported its quarterly results broadly in line with expectations, its stock came under pressure just after the release as some investors had hoped management would "more fully" de-risk full-year guidance, according to BofA Securities. • DraftKings shares are climbing with conviction. Why is DKNG stock up today? The DraftKings Analyst: Analyst Shaun Kelley reiterated a Neutral rating and price target of $27. The DraftKings Thesis: The company reported its second-quarter revenue at $1.44 billion, ahead of expectations of $1.38 billion, while EBITDA of $115 million missed BofA’s estimate of $120 million, Kelly said in the note. Check out other analyst stock ratings. He added that DraftKings’ revenues were driven by: Sports revenue of $891 m...