Why DraftKings Stock Is Sinking Today
(NASDAQ: DKNG) stock is getting hit hard in Friday's trading. The online gambling specialist's share price was down 11.6% at 11:30 a.m. ET, according to data from S&P Global Market Intelligence.
DraftKings published its second-quarter results after the market closed yesterday, delivering mixed results. While the company's earnings beat expectations, sales for the period fell short of Wall Street's target. But the key reasons for the sell-off are more complicated than the business's top-line and bottom-line performance.
In the second quarter, DraftKings posted non-GAAP (adjusted) earnings per share of $0.22 on sales of $1.1 billion. While the performance beat the average analyst estimate's call for an adjusted profit of $0.19 per share, revenue fell short of the target for $1.12 billion in sales.
Source Fool.com
DraftKings Inc. Stock
The stock is one of the favorites of our community with 82 Buy predictions and 1 Sell predictions.
As a result the target price of 48 € shows a positive potential of 44.99% compared to the current price of 33.11 € for DraftKings Inc..
