4 Charts That Show Why DraftKings Stock Can Still Soar Higher
DraftKings (NASDAQ: DKNG) has been one of the hottest growth stocks to own this year. The sports betting industry is expanding, and DraftKings has already become a big name in the business. With the stock having already tripled in value this year, though, investors may be concerned that it has become too expensive. After all, it's trading at over 20 times its book value.
But the company isn't running out of growth opportunities anytime soon, not by a long shot. Here are four charts that help to demonstrate why this fast-growing stock still looks like a good buy.
DraftKings is experiencing significant growth as more states legalize sports betting, resulting in more people using the platform. What's encouraging for the business is that not only is DraftKings growing at a fast rate, but its customer acquisition costs are also falling sharply. This year the company projects they will decline by 20%, building off an already-strong 21% decline a year ago.
Source Fool.com
DraftKings Inc. Stock
The stock is one of the favorites of our community with 64 Buy predictions and 4 Sell predictions.
As a result the target price of 46 € shows a slightly positive potential of 17.71% compared to the current price of 39.08 € for DraftKings Inc..
