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Why DraftKings Stock Dropped 4.7% Today

TheMotleyFool

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Shares of online gambling stock DraftKings (NASDAQ: DKNG) fell as much as 4.7% in trading on Tuesday after getting weak reports from Wall Street. Shares are down 4.5% at 3 p.m. EDT.

Two analyst reports are hurting DraftKings today. The first is from Morgan Stanley analyst Thomas Allen, who restarted coverage on the stock with an equal-weight rating and a price target of $53 per share. Allen wasn't bearish on the industry, but wasn't overly optimistic about when the company might swing to profitability, which is still a few years away.

Image source: Getty Images.

Source Fool.com

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