Long Position on DKNG @ $31.00 on 7/24/2023 (Momentum)

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

It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries.

The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

Its Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in 18 states. The company's daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories.

In addition, it offers DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions, as well as owns Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company. 

Shares have formed a bullish "flag" following its latest earnings release. Higher share prices are expected. On May 8th, DKNG reported a loss of $0.87 per share on revenue of $769.65 million for the first quarter ended March 2023. The consensus estimate was a loss of $0.85 per share on revenue of $694.21 million. 

Entry Point: $31.00

Stop Loss: $29.00

Trading Range: $10.69 - $31.70

Target Price: $34.10

Position closed on 8/21/2023 at price of $29.00 with a -6.45% loss in 28 days.

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