DraftKings Inc. DKNG shares are trading lower on Monday. The move comes nearly a week after the agreement between Penn Entertainment PENN and ESPN which impacted shares of DKNG.
What To Know: Last Tuesday, Penn Entertainment entered into an exclusive agreement with ESPN, which gave Penn exclusive rights to the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term. Shares of DraftKings traded lower in response to the news.
Prior to that however, on Aug. 3, shares of DraftKings received a boost from the company's strong earnings report.
The company also raised full-year 2023 revenue guidance from a range of $3.135 billion to $3.235 billion to a range of $3.46 billion $3.54 billion, versus the consensus estimate of $3.27 billion.
Following the outstanding earnings report, DraftKings also had its price target raised by several analysts, ranging from $23 to $44.
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DKNG Price Action: Shares of DKNG were down 0.82% at $29.15 at the time of publication, according to Benzinga Pro.
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