DraftKings Inc. (NASDAQ: $DKNG)

DraftKings Inc. (NASDAQ: $DKNG) is a leader in the North American online sports betting industry. Besides sports betting, DraftKings controls a significant portion of the legal online casino industry in the region. Recently, the company’s stock has been making headlines.

DraftKings Inc. Earnings Report

In its fiscal Q3 earnings report, DraftKings Inc. reported a revenue of $790 million. That marks a 57% rise compared to last year when it reported $502 million in revenue. It also reported an EPS of $-0.35, better than the expected $-0.60, a surprise of 41.45%.

According to the report, monthly unique players had increased to 2.3 million, a 40% rise compared to last year. Average revenue per monthly unique player was also up by 14% to $114, compared to the same period last year.

In the report, DraftKings also raised its FY23 revenue Guidant to $3.67-$3.72 billion from $3.46-$3.54 billion in the August 3, 2023 quarterly report. The update equates to year-over-year revenue growth of 64%-66%.

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DKNG Stock Performance

Soon after the report’s release, DraftKings stock (DKNG) rose by nearly 7% as of the close of trading on Friday, November 3, 2023. The stock is currently worth $33.64 per share. A major driver for the recent increase is the adjusted revenue guidance, which improved sentiment for the stock. For the past four quarters, DKNG stock has surpassed analysts’ revenue projections by an average of 11.4%. The stock has had a good run thus far, rising 206.97% year-to-date.

DKNG Stock Forecast

DKNG stock has had a great run in 2023. With triple-digit growth to date, the stock’s future looks great. Looking at the fundamentals, DraftKings announced that it was expanding in Kentucky. Additionally, it plans to launch operations in North Carolina and Maine once it receives approval. Currently, DraftKings offers mobile sports betting in 22 states, with iGaming offered in five states. Additionally, the company offers iGaming and sports betting in Ontario, Canada.

Thus far, DraftKings is only accessible in barely a quarter of the potential legal sports betting and iGaming sector in the US. As more US states and provinces in Canada ease up on sports gambling regulation, the company’s net revenues will no doubt continue expanding. Thus far, they are doing great numbers, with potential for more growth soon.

Due to its strong potential for growth, stock market analysts give DKNG stock a strong buy rating. They predict an average price target of $38.38. Analysts give it a high price target of $50 and a low of $23. The average price target represents a 13.15% upside for DKNG stock.

Should You Buy DraftKings (DKNG) Stock?

DraftKings has had one of the best performances in the stock market. Anyone who held DKNG stock at the start of 2023 has seen its value grow by over 200%. Based on its recent earnings report, DKNG stock will likely continue rising in price due to positive investor sentiment. With the company in expansion mode to cover more of the legal online gaming and sports betting sector in North America, it could grow to become one of the most sought-after stocks of 2023 and beyond. However, always research your stock investment decisions. All weigh your risk appetite against potential rewards when making investment decisions.

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