What's Going On With DraftKings Stock?

DraftKings, Inc. DKNG shares are trading higher Thursday, and the stock is up nearly 10% over the past five days. Here’s a look at what’s going on.

What To Know:

On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling a substantial portion of its stake in DraftKings. The sale of 229,215 shares was valued at nearly $8.04 million and made through the ARK Innovation ETF ARKK.

DraftKings began offering its online sportsbook in Vermont on Jan. 1., marking the 26th U.S. state, in addition to Ontario, Canada, in which DraftKings Sportsbook operates.

“As a Boston-based company, we are thrilled for the opportunity to further expand in the New England region and provide Vermont with access to safe and legal sports betting,” said Matt Kalish, President, DraftKings North America.

BMO Capital analyst Brian Pitz initiated coverage on DraftKings with an Outperform rating and announced a price target of $43 on Jan. 9. BMO Capital said that the U.S. sports-betting market could exceed $100 billion if online sports betting and iGaming were legalized in every state.

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DKNG Price Action: According to Benzinga Pro, DraftKings shares are up 5% at $36.84 at the time of publication.

Image: Aiden Howe from Pixabay