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See you in the $30s.
That’s a good idea. I think that market has already been saturated though. And networks are having to pay huge amounts of money for the rights to the game, something that DraftKings doesn’t have at the moment (boat loads of cash).
Coupled with rising inflation and interest rates, and a company that is not producing positive cash flow and may not be for at least 3 more years, smells like trouble. Depends on how quickly other states legalize sports gambling.
Yep, I’m completely out again. I bought in at $43.50 and sold around $42.50 for a small loss. I don’t see any good in the near term for this stock unless a dead cat bounce happens.
The problem is I don’t see any massive catalysts in the near future and their Q3 earnings were a disappointment. Burning through cash like crazy, having to spend on marketing. So much competition in the gambling industry.
No surprise there. That was the main hiccup.
Yep, averaging down is the smart thing to do. Eventually the chart will reverse with news or no news. This is too hot of an industry for it not to. The industry is still in the infancy stage.
If it’s get to $39, I might be backing up the truck to load up. This stock has been beaten up bad of late and is begging for some sort of bounce. Most of the analysts still seem very positive on the stock.
Do you not think $42 level is going to hold?
Yeah, it’s definitely been in a downward trend. Hopefully the $42 range holds and the chart reverses pattern.
Unfortunately, the whole market is taking a beating today. Let’s hope for a bounce soon.
I wonder what it will do to the share price, if DraftKings is one of the three selected for New York?
Yes, DraftKings and FanDual are definitely setup to succeed the most in the world of online sports gambling. Q4 should be really good with a full quarter worth of football.
Dang it took a nose dive. What is your entry point now?
Yeah, definitely staying on the sidelines right now. My gut tells me this will test $42 support after Q3 earnings are announced. I still believe in this stock long term and believe this could be a great bounce play.
Yes, hopefully DraftKings can break the trend of disappointing quarterly earnings from gambling stocks.
I will wait for $42 range depending on Q3 earnings.
I would be cautious. If there are poor earnings, I could see this dropping to $42 range.
It seems like ever since that potential deal with Entain was announced, it has taken the wind out of the sails of this stock. However, it could be very good play at this price level. I’m waiting for it to dip even more.
Thank you for sharing! Hopefully we will get some good Q3 financials which could give this stock a boost.
I don’t like what’s going on with the price. I’m completely out and looking for a lower entry point.
No doubt revenues will have increased significantly. It will be interesting to see profit margins with them spending money on marketing to gain market share. At this price point, I think it’s a great value IMO.
Yeah, seems to bouncing on that support level. I can’t see a lot of risk of this going much lower but we will see. The whole reason the share price dropped significantly was mainly because of the Entain announcement.
Yeah. It would be nice to see this close above $50 today. There is definitely a ton of volume today. It seems like most of the analysts have price targets of $60+. And they have some new states and football season that should partly be reflected in Q3 earnings.
Are you thinking of getting back in now? I know you were sitting on the sidelines.
Never mind just saw the headline.
Did they announce they are not buying now?
Original offer overpaying? I’m not sure about the original offer being overpaying. Entain would allow them to own a huge market share of the international market and piggy back off some of their technology to draw even more customers in. This at a time when sports gambling is about to increase significantly in the U.S.
Yeah, hopefully they don’t end up over paying for it. It would be a nice acquisition but could be costly for shareholders in the short term.
Yeah, I’m not sure what the reason is for the huge sell off today. I know the market is down but DraftKings has been hit extra hard. Might be technical traders waiting on the sideline. Most of the price targets are in the $60 range.
Could be a good buying opportunity down here. I think the perceived negative news of the potential takeover is already priced into the shares at this level.
What’s with the dip in the after hours trading? The Google dispute?
Love the consolidation down here.
Agreed. I can’t imagine this going much lower, if any. I think the fear factor is already priced into the stock.
Thanks for sharing. It sounds like DraftKings is really going to do their due diligence and not rush into any acquisition. I like it.
Could be why the stock is down today. I feel like people are reluctant to buy in until we get more details on the possible takeover, if it does happen.
I’m liking the consolidation down here. I think I might hop in tomorrow under $50. They should report a good quarterly earnings with football season here and more states legalizing gambling.
What happens if the bottom does hold like it appears to be doing now?