Fantasy sports and sports betting company DraftKings Marketplace (NASDAQ: DKNG) recently announced the launch of its sports-based NFT offering, the Primetime NFT Series.
Following the news, shares of the company rose over 6% to close at $16.21 in Tuesday’s extended trading session.
With this launch, DraftKings is looking to increase the engagement of sports enthusiasts on its platform. To this end, the first Primetime NFT Series drop will be the 2022 College Hoops Collection with the college basketball national tournament right around the corner.
With the College Hoops Collection launch, users of the DraftKings platform can also expect Primetime NFT Series for other major global sporting events in the future.
Management Commentary
The President of DraftKings North America, Matt Kalish, said, “DraftKings is already deeply embedded within the biggest moments in sports, and the new Primetime NFT Series will further drive engagement while also providing rewards that bridge to our gaming offerings for the first time. Few times on the sports calendar can match the drama and spectacle of March’s college basketball tournament, which is why we chose this monthlong event to initiate this new digital collectibles program.”
Stock Rating
Recently, Needham analyst Bernie McTernan reiterated a Buy rating on the stock with a price target of $32, which implies upside potential of 98.4% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 10 Buys and 11 Holds. The average DraftKings stock prediction of $34.32 implies that the stock has upside potential of 112.8% from current levels. Shares have declined 76% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into DraftKings’ performance this quarter.
According to the tool, the DraftKings website recorded a 9.62% monthly decline in global visits in February, compared to the same period last year. Further, the footfall on DKNG’s website has declined 12.58% year-to-date, compared to the previous year.
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