{"id":328491,"date":"2024-08-20T17:43:50","date_gmt":"2024-08-20T22:43:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=328491"},"modified":"2024-08-20T17:43:50","modified_gmt":"2024-08-20T22:43:50","slug":"draftkings-stock-poised-for-football-season-bump-say-analysts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/","title":{"rendered":"DraftKings Stock Poised for Football Season Bump, Say Analysts"},"content":{"rendered":"

Sports wagering stocks, including DraftKings (NASDAQ: DKNG), are a relatively young asset class, but youth aside, the group is subject to clear seasonal trends. Those include the start of football season often acting as catalyst.<\/p>\n

\"DraftKings
A DraftKings billboard appears at Times Square in New York City. Analysts remain bullish on the stock and view football season as a catalyst. (Image: NASDAQ)<\/figcaption><\/figure>\n

Prosaic as that thesis is and it is, it\u2019s also sensible because football is the most wagered on sport<\/a> in the US. The 2024 football season will be DraftKings\u2019 fifth as a freestanding public company. Over the prior four, the stock\u2019s average gain was 5% from the start of the NFL campaign through the Super Bowl, according to Dow Jones Market Data.<\/p>\n

DraftKings stock has been a battleground of late<\/a>, but the shares may already be pricing in football season optimism as highlighted by a 10.69% gain over the past week. Some analysts believe the recent punishment endured by the gaming stock could signal a pre-football season buying opportunity.<\/p>\n

With the 2024 NFL season starting on September 5th and DKNG\u2019s share price down 32% from its $50 high in March, this year\u2019s potential return over this seasonally significant window could be meaningful,\u201d wrote Benchmark analyst Mike Hickey in new report to clients.<\/p><\/blockquote>\n

He reiterated a \u201cbuy\u201d rating on DraftKings with a $44 price target, implying upside of 26.4% from today\u2019s closing price. The analyst called the gaming name a \u201ctop idea.\u201d<\/p>\n

Football, Free Cash Flow Could Boost DraftKings Stock<\/h2>\n

Football and a robust free cash flow path are among the potential catalysts for DraftKings and there may be more to the story.<\/p>\n

\u201cDKNGs\u2019 improved outlook, fueled by stronger market win margins in Q3, new user growth, traditional tax mitigation strategies, and valuation contraction ahead of the NFL season, creates an attractive entry point,\u201d adds Hickey.<\/strong><\/p>\n

\n

On the other hand, the biggest obstacle to near-term upside for the stock could be the court of public opinion. Recent news flow for DraftKings has been largely negative, including a now scrapped plan to tax winning bets in select high-tax states. That effort was dropped seemingly only because rival FanDuel wouldn\u2019t follow along.<\/p>\n<\/div>\n

Then there was news that the gaming firm is shuttering its nonfungible token (NFT) marketplace and halting the Reignmakers<\/a> fantasy sports game because of legal issues. Additionally, DraftKings recently sold Vegas Sports Information Network (VSiN) and it\u2019s rumored that the sale price was pennies-on-the-dollar compared to the $70 million the gaming company paid for the radio network in 2021.<\/p>\n

\u201cDKNG has turned into a battleground stock,\u201d wrote Needham analyst Bernie McTernan in a recent report to clients.<\/p>\n

Analysts Still Bullish on DraftKings Stock<\/h2>\n

While \u201cbattleground\u201d is an accurate description of the current state of affairs with DraftKings, Wall Street remains mostly constructive<\/a> on the shares.<\/p>\n

\u201cWithin this market, we believe DKNG has a sustainable customer acquisition strategy that should continue to drive its first- or second-place position in all states,\u201d McTernan noted. \u201cWe expect margins to scale with from tech stack ownership, benefits of national vs local marketing and reaching terminal market access penetration.\u201d<\/strong><\/p>\n

In a report out earlier Tuesday, Oppenheimer placed DraftKings on its list of top equity ideas for August and September. Those 32 stocks could outperform over the next year.<\/p>\n

\u201cThe company [will be] a critical player in accelerating the shift in U.S. sports betting from about $150B wagered illegally\/offshore to licensed domestic operators,\u201d said Oppenheimer of DraftKings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sports wagering stocks, including DraftKings (NASDAQ: DKNG), are a relatively young asset class, but youth aside, the group is subject to clear seasonal trends. Those include the start of football season often acting as catalyst. Prosaic as that thesis is and it is, it\u2019s also sensible because football is the most wagered on sport in […]<\/p>\n","protected":false},"author":46,"featured_media":261549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,82961,1074],"tags":[81903,81004,80968],"acf":[],"yoast_head":"\nDraftKings Stock Poised for Football Season Bump, Say Analysts<\/title>\n<meta name=\"description\" content=\"DraftKings Stock Poised for Football Season Bump, Say Analysts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Poised for Football Season Bump, Say Analysts\" \/>\n<meta property=\"og:description\" content=\"DraftKings Stock Poised for Football Season Bump, Say Analysts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-20T22:43:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mo_042420002.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1012\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/\",\"name\":\"DraftKings Stock Poised for Football Season Bump, Say Analysts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mo_042420002.jpeg\",\"datePublished\":\"2024-08-20T22:43:50+00:00\",\"dateModified\":\"2024-08-20T22:43:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings Stock Poised for Football Season Bump, Say Analysts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-poised-for-football-season-bump-say-analysts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mo_042420002.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/mo_042420002.jpeg\",\"width\":1012,\"height\":675,\"caption\":\"A DraftKings billboard appears at Times Square in New York City. 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