Gambling stock DraftKings (NASDAQ:DKNG) is poised to hit a seventh straight day of increases in share prices with today’s trading. However, that streak may be about to fall as DraftKings was down fractionally in the last hour of trading.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The gains DraftKings had seen so far—at least before the fractional loss in the late afternoon trade kicked in—were enough to get it to the highest levels since November of 2021. It was up nearly 14% over the course of the last six sessions and was on track to keep the streak alive into today. However, it’s still got some way to go before it can clear its all-time high of $74.38 per share.
Driven By Partnerships
We know that DraftKings is already working with Boston Beer (NASDAQ:SAM) to put together a betting pool around the upcoming Groundhog Day festivities to see if legendary prognosticator Punxsutawney Phil will see his shadow or not and determine the fate of winter for the six weeks to follow. But a more recent development will be much bigger: DraftKings is also working with Barstool Sports, who we know recently set up a deal with Rumble (NASDAQ:RUMB) for delivering content. This time, though, DraftKings will be paying Barstool in the “..low eight figures per year” to display DraftKings odds on content and to send viewers to DraftKings, a move that could give DraftKings access to more interested gamblers.
Should I Buy or Sell DraftKings Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DKNG stock based on 26 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 162.06% rally in its share price over the past year, the average DKNG price target of $41.85 per share implies 9.41% upside potential.
