What's Going On With DraftKings Stock?

DraftKings Inc. DKNG shares are trading higher Wednesday, and the stock is up nearly 6% over the past five days. Here's a look at what's going on.

What To Know:

DraftKings announced leadership changes on Monday to increase the company's focus on operational efficiency. DraftKings CFO Jason Park will transition to the company's Chief Transformation Officer on May 1 and Senior Vice President of Finance and Analytics, Alan Ellingson, will become DraftKings' CFO. 

"I have asked Jason Park to take on a new role at DraftKings to address and capture large efficiency opportunities that I expect will generate significant incremental profitability over the coming years,” said Jason Robins, CEO of DraftKings. 

“I’m confident he will unlock the benefits of our proposed acquisition of Jackpocket following its closing to strengthen DraftKings’ position in U.S. online gaming. There are also potentially transformational AI applications on the horizon that could change the way businesses operate and serve their customers to create potential long-term advantages,” Robins added. 

Last week, the company unveiled a new feature, "My Stat Sheet,” with charts and data allowing users to make informed decisions about their gameplay and promote responsible gaming practices.

Also, the 2024 NCAA Men’s Basketball Tournament began Tuesday and anticipation of the tournament may have boosted the sports betting company's stock. 

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DKNG Price Action: According to Benzinga Pro, Draftkings shares are up 1.68% at $44.52 at the time of publication.

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