Shares of DraftKings Inc. (NASDAQ: DKNG) are trading lower Monday after Illinois passed a new budget proposal that includes increased taxes on sports betting.
Shares of fantasy sports and betting company DraftKings (NASDAQ:DKNG)
fell 7% in the morning session after the state of Illinois announced new legislation that introduces additional fees for online sports betting operators. The new fee structure is expected to significantly increase the tax rate for major players like DraftKings in Illinois, potentially reducing their profitability.
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DraftKings had problems in Q1, causing it to lower revenue guidance substantially for 2025. However, Wall Street remains unshaken, indicating big time upside.
Dave Portnoy bet on Caitlin Clark to have a great game to kick off the 2025 WNBA season. His win was worth more than Clark will make in 2025 and almost as much as her four-year deal.
DraftKings' stock price is in an updraft driven by solid results and cash flow, and can reach multi-year highs in 2025. Analysts and institutions buy in 2025.
Stocks in the $10-50 range offer a sweet spot between affordability and stability as they’re typically more established than penny stocks.
But their headline prices don’t guarantee quality, and investors should exercise caution as some have shaky business models.
DraftKings shares rose 4.4% Monday; Needham reiterated its Buy rating despite a price target cut. Needham cited strong handle growth, live betting success, despite Q1 miss and guidance revision.
Needham analyst Bernie McTernan maintained a Buy rating on DraftKings Inc. (NASDAQ:DKNG) and reiterated the $65 price forecast following the first quarter results reported on Thursday.
