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Why Draftkings Stock Was Down Again Today

TheMotleyFool

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Why Draftkings Stock Was Down Again Today

Shares of Draftkings (NASDAQ: DKNG) were trading down 3% as of 1:02 p.m. ET on Tuesday. Although there was no company-specific news to explain the fall, unprofitable companies continue to get hammered in this bear market.

Draftking's net loss widened in the first quarter to $467 million. Given that stock direction follows earnings over the long term, the lack of profitability might continue to weigh on the stock price in the near term.