StoneX Reiterates Buy Rating on DraftKings Inc. (DKNG)

StoneX analyst Michael Hickey reiterated a Buy rating and $30.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst commented, "New York online sports betting handle declined 24.7% YoY in Week 9, while GGR declined 41.0% as hold was 9.4%, down approximately 260 bps versus 11.9% last year. The statewide handle comparison was influenced by Fanatics, which generated $52.8M of handle this year versus $145.8M in the prior-year week; excluding Fanatics, statewide handle declined approximately 10.9% YoY. Fanatics’ GGR was $5.1M versus $14.8M last year; excluding Fanatics, statewide GGR declined approximately 34.0%. DraftKings handle declined 10.1% YoY, while GGR declined 39.5% as hold fell to 8.1%, down approximately 390 bps versus 12.0% last year. Flutter’s FanDuel reported a 3.8% handle decline and a 26.7% GGR decline, with hold of 10.8%, down approximately 340 bps versus 14.2% last year. PENN reported handle and GGR declines of 43.8% and 59.0%, respectively, as hold fell to 6.5% from 9.0% last year. Rush Street handle declined 18.0% and GGR declined 37.7% as hold fell to 8.8% from 11.6% last year. Fanatics handle declined 63.8% against the prior-year comparison, while GGR declined 65.8% as hold declined to 9.6% from 10.1% last year."

For an analyst ratings summary and ratings history on DraftKings Inc. click here. For more ratings news on DraftKings Inc. click here.

Shares of DraftKings Inc. closed at $24.01 yesterday.

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