MoffettNathanson analyst turns bullish
DraftKings Inc. shares were powering more than 5% higher in Tuesday trading after an analyst turned bullish on the stock, saying that his conviction in the company’s story is now “stronger than ever.”
“In recent quarters, DraftKings has made strides in closing the market share gap with U.S. online sports betting leader FanDuel through product enhancements, improved hold rates and success in attracting VIPs,” he wrote. “Further, DraftKings overtook BetMGM as the number one player in U.S. iGaming in the second quarter.
He cheered the ways DraftKings has grown its market share in recent quarters, momentum he owes to product enhancements for parlay offerings. The company’s options “both attract incremental wagers and drive up overall hold rates for the sportsbook as parlays become a greater portion of the bet mix.”
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