Long Position on DKNG @ $42.75 on 9/11/2020 (Momentum)

DraftKings Inc. (DKNG) operates as a digital sports entertainment and gaming company.

The company provides users with daily sports, sports betting, and iGaming opportunities.

It is also involved in the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

The company distributes its product offerings through various channels, including traditional websites, direct app downloads, and direct-to-consumer digital platforms.

DraftKings Inc. is headquartered in Boston, Massachusetts.

Draftkings Inc. reported a 2nd Quarter June 2020 loss of $0.55 per share on revenue of $70.9 million. The consensus estimate was a loss of $0.15 per share on revenue of $52.3 million. 

The company said it expects 2020 revenue of $500.0 million to $540.0 million. The current consensus estimate is revenue of $496.4 million for the year ending December 31, 2020.

After Michael Jordan took stake in the company and due to the start of NFL and NBA finals, this stock's price has moved higher with momentum and should continue to rise as the season carries forward.

Entry Point: $42.75

Stop Loss: $40.60

Trading Range: $9.84 to $44.79

Target Price: $47.00

Updates

9/15/2020 11:57:35 AM

DKNG closed at $48.70

Position closed on 9/15/2020 at price of $48.70 with a 13.92% gain in 4 days.

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