Shares of (NASDAQ: DKNG) were slightly down following better-than-expected earnings results for the first quarter. The sports betting company's revenue and adjusted operating profit beat the Street's consensus, and management expects more excellent results for the full year.

Benchmark Co. analysts maintained a buy rating on the shares but raised the price target from $50 to $52, reflecting the upbeat earnings report.

The legalization and adoption of online gambling and sports betting continues to play out, as DraftKings launched its online sportsbook in Vermont and North Carolina in the first quarter. New customer acquisitions helped drive revenue up 53% year over year to over $1.1 billion.

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Source Fool.com