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After Reporting Q3, is DraftKings a Stock Worth Buying? -Breaking

by Mike Robinson

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© Reuters. DraftKings: Is it worth buying?

Online sports betting company DraftKings’ (DKNG) shares have declined in price since the company reported its third-quarter earnings because its losses increased significantly. So, can the stock rebound based on the company’s several strategic partnerships? Let’s find out.Boston, Mass.-based digital sports entertainment and gaming company DraftKings Inc. (NASDAQ:) has been making consistent product and services innovations and has also expanded in the non-fungible token (NFT) space. Polygon, a Blockchain Collaboration with DraftKings Marketplace was announced on October 18. This collaboration will allow mainstream access to custom NFT drops and secondary market transactions.

However, DKNG’s shares have declined 14.3% in price over the past month and 21% over the past three months to close yesterday’s trading session at $41.08.

The stock also fell 12.5% after the company announced its third quarter earnings on November 5. The company’s losses increased significantly in the quarter, and it continues to face stiff competition from players such as Caesars (NASDAQ:) Entertainment, Inc. (CZR), MGM Resorts International (NYSE:), and Penn National Gaming, Inc. (NASDAQ:). Furthermore, hedge fund’s interest in the stock has declined lately. So, DKNG’s near-term prospects look bleak.

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