What's Going On With DraftKings Stock Tuesday?

DraftKings, Inc. DKNG stock is trading higher on Tuesday. The company is anticipated to launch its mobile sports betting app in Washington D.C. The sports betting company is set to release quarterly earnings on August 1st.

The Details: Once introduced in Washington D.C., the district would become the 29th jurisdiction in North America where DraftKings Sportsbook operates.

“It has been incredible to see legalized sports betting grow rapidly over the past six years, and with plans to launch our online sportsbook in D.C., DraftKings looks forward to expanding its presence in more than half the country,” said Matt Kalish, president, DraftKings North America.

“We would like to thank the D.C. Council for creating a path to bring DraftKings’ top-rated sportsbook to the nation’s capital.”

For DraftKings upcoming earnings release, analysts estimate a loss of 1 cent per share and revenue of $1.10 billion. The earnings release will take place on August 1st after the market closes and it’s for the 2024 fiscal year second quarter.

Analyst Changes: Multiple analysts have issued price target changes within the past week.

• Truist Securities analyst Barry Jonas maintained DraftKings with a Buy and lowered the price target from $55 to $53.
• Macquarie analyst Chad Beynon maintained DraftKings with a Outperform and lowered the price target from $54 to $52.
• B of A Securities analyst Shaun Kelley maintained DraftKings with a Buy and lowered the price target from $54 to $50.

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DKNG Price Action: At the time of writing, DraftKings stock is trading 1.38% higher at $37.35 per data from Benzinga Pro.

Image: Photo via Shutterstock.