#5 - DraftKings (NASDAQ:DKNG)
Rounding out the top 25 of Robinhood top stocks is DraftKings (NASDAQ:DKNG). The stock is up nearly 375% for the year. Even when live sports were shut down, Robinhood investors were buying this stock, and with good reason. The long-term case for this case changed dramatically when the National Football League (NFL) made it clear that they are embracing legalized gambling.
Yes, the company lost March Madness and professional basketball, hockey and baseball were on pause. But it was only a matter of time. And investors were rewarded for their patience.
But a major catalyst or DraftKings is fantasy football. A significant catalyst for the company’s business model is daily and weekly fantasy football contests. And now with the NFL in full swing, it looks like all systems are go for DraftKings.
This is an area that is growing very competitive so like a couple of other stocks we’ve already mentioned, the long-term growth of the stock is unclear. However there’s no reason to believe the stock will be slowing down anytime in the near future. Robinhood investors bet on DraftKings and got it right.
About DraftKings
DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.
Read More - Current Price
- $43.09
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 24 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $50.85 (18.0% Upside)
