Why DraftKings Stock Is So Expensive
DraftKings (NASDAQ: DKNG) stock is performing exceptionally well in 2020, despite all the challenges from the lack of mainstream sporting events early on in the pandemic. The stock is up 350% year-to-date, pleasing shareholders who bought the stock earlier this year. This price appreciation currently makes the stock quite expensive.
If you're wondering why I am referring to a stock that's priced slightly below $50 as being expensive, that would be a valid query. After all, at $50, it does not seem expensive compared to Amazon's stock at over $3,000, or Alphabet's at over $1,500.
Let's dig a little deeper and try to uncover a few reasons why DraftKings stock is considered expensive.
Source Fool.com
