DraftKings Stock Falls To 52-Week Low: What's Going On?

DraftKings Inc DKNG shares closed Thursday down more than 7% at new 52-week lows. The stock fell alongside several names in the hotels, restaurants and leisure sector amid overall market weakness following U.S. Fed chair Jay Powell's hawkish rate hike commentary.

The Federal Reserve needs to move faster than it has in the past to tame high inflation, Powell said Thursday in an International Monetary Fund debate.

Traders also continue to weigh recent earnings reports. Netflix Inc NFLX reported a decline in its subscriber base, signaling that the stay-at-home trade may be peaking. Several pandemic beneficiaries have fallen out of favor following the streaming giant's report.

DraftKings is trending across social media platforms Thursday. It was among the top trending stocks on Stocktwits at publication time.

DKNG 52-Week Range: $14.97 - $64.58

According to data from Benzinga Pro, the stock was up 0.14% in after hours at $14.38 at press time. 

Photo: courtesy of DraftKings.