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Why DraftKings Shares Dropped 7% Today

TheMotleyFool

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Shares of online gambling company DraftKings (NASDAQ: DKNG) dropped as much as 7% in trading on Tuesday after getting a positive report from an analyst. Shares were down big midday, but recovered late in the day and are down just 3.8% at 3 p.m. EDT.

The news of the day is that Cowen analyst Stephen Glagola raised his rating on DraftKings stock from market perform to outperform and put a price target of $70 on the stock. He said momentum in the legalization of online gambling and sports betting should continue, with over half of the U.S. population potentially able to bet online by the end of 2022.

Image source: Getty Images.

Source Fool.com

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