Spin the Wheel! DraftKings Stock Is a Really Good Deal.

InvestorPlace06-17

Some DraftKings (DKNG) stock traders are worried about an Illinois tax hike. However, DraftKings is a geographically diversified, rapid revenue grower. Investors shouldn’t hesitate to add DraftKings ...

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DraftKings Stock Is a Really Good Deal.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-17 18:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2024/06/spin-the-wheel-draftkings-stock-is-a-really-good-deal/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Some DraftKings (DKNG) stock traders are worried about an Illinois tax hike.\nHowever, DraftKings is a geographically diversified, rapid revenue grower.\nInvestors shouldn’t hesitate to add DraftKings ...</p>\n\n<a href=\"https://investorplace.com/2024/06/spin-the-wheel-draftkings-stock-is-a-really-good-deal/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UK","symbol_name":"优客工场","start_time":0,"source_url":"https://investorplace.com/2024/06/spin-the-wheel-draftkings-stock-is-a-really-good-deal/","article_id":"2444150305","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2444150305","pubTimestamp":1718620800,"sourceInfo":{"source_id":"investorplace_stock_picks","name":"InvestorPlace stock picks"},"weMediaInfo":null,"summary":"One state's legislators spooked DraftKings stock investors, but DraftKings will be fine as it generates revenue from multiple regions.","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UK":"优客工场","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4565":"NFT概念","BK4585":"ETF&股票定投概念","BK4205":"房地产经营公司","DKNG":"DraftKings Inc.","BK4528":"SaaS概念","BK4233":"房地产运营公司","BK4588":"碎股","BK4150":"赌场与赌博","LU1861558580.USD":"日兴方舟颠覆性创新基金B"},"translate_title":"转动轮子！DraftKings股票确实很划算。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DKNG":1,"UK":1},"content_text":"Some DraftKings (DKNG) stock traders are worried about an Illinois tax hike.\nHowever, DraftKings is a geographically diversified, rapid revenue grower.\nInvestors shouldn’t hesitate to add DraftKings stock to their portfolios.\n \n\n\n\n \n\nSource: Lori Butcher / Shutterstock.com\n\n\n\nDraftKings (NASDAQ:DKNG) is a thriving business, but that comes with a cost as some state-level legislators want a piece of that delicious fiscal pie. No worries, though, as DraftKings can still continue to succeed as a business enterprise and DraftKings stock has mega-rally potential.\nDraftKings’ shareholders got slammed not long ago, and there’s a specific news item to blame for this. Yet, the reduced DraftKings share price is an opportunity, not a problem. After all, when short-term stock traders overreact, that’s the time for smart investors to take action.\nIllinois Legislators Want a Big Piece of the Pie\nJust a moment ago, I alluded to legislators wanting a piece of the financial pie from the sports-betting industry. This is definitely happening in Illinois, where state senators recently approved a budget for 2025.\nThe budget would raise Illinois’s effective tax rate for sports-betting businesses from 15% currently to as much as 30%. It’s basically a done deal at this point, as Oppenheimer analysts “expect the measure to pass the State Assembly and become effective July 1,” according to The Wall Street Journal.\nDraftKings stock dropped hard on the news from Illinois; it was down to the $35 area within a few days. That’s an overreaction, if you ask me. DraftKings’ operations are diversified far beyond Illinois:\nDraftKings’ daily fantasy sports product is available in 44 states, some Canadian provinces and the United Kingdom (UK).\nThe company’s sports-betting operations are pursuant to regulations in 27 U.S. states and in Ontario, Canada.\nMoreover, DraftKings conducts iGaming operations in five U.S. states, “representing approximately 11% of the U.S. population,” according to the company.\nDraftKings’ ‘Continued Execution’\nSo, perhaps the 12% single-day drop in DraftKings stock was unnecessary. How long will it take for the stock to rally back to the $50 area?\nProbably, not very long at all. Notably, JPMorgan analyst Joseph Greff set a $56 price target along with an “overweight” rating on DraftKings shares.\nGreff wrote, “We would be buyers of shares on the weakness as we believe there is (still) meaningful upside to Consensus estimates resulting from” DraftKings’ “continued execution in an appealing sector.” DraftKings DraftKings\nIt’s not difficult to find evidence of DraftKings’ “continued execution.” In this year’s first quarter, DraftKings grew its revenue by 53% year over year to $1.175 billion.\nFurthermore, the company dramatically reduced its net earnings loss from 87 cents in the year-earlier quarter to 30 cents in Q1 of 2024. This raises an encouraging question: Could profitability be right around the corner for DraftKings?\nDraftKings Stock: Place Your Bets, Ladies and Gentlemen!\nDraftKings showed meaningful top- and bottom-line progress in 2024’s first quarter. DraftKings will have to deal with high taxes in Illinois.\nYet, DraftKings’ operations span a much wider area than Illinois. Therefore, I agree with Greff’s $56 price target for DraftKings stock and expect the share price to revisit $50 in the near future.\nOn the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nDavid Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.Consumer Discretionary, Travel, Casino, Retail \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/06/spin-the-wheel-draftkings-stock-is-a-really-good-deal/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444150305"}