DraftKings (NASDAQ:DKNG) is one of the biggest forces in the sports-betting world right now. The company is inking partnerships left and right and drawing eyes from investors. Even today, the company is continuing to grow and expand its business model. So, with all this bullish momentum, what might the future hold for DraftKings stock?
Sports betting is huge. It’s easier than ever for a fan to get on their phone, open up a sportsbook app and place a wager on just about anything. It’s such a huge industry, in fact, that DraftKings is erecting a two-story sportsbook next to Wrigley Park in Chicago to accommodate sports bettors. As you might be able to tell by that particular bit of news, DraftKings has their hands dipped in every new sports-gambling venture right now. It is even a partner of Vox Media’s SB Nation, heading a sports-betting content platform.
The company is acquiring new companies to make their book a more robust product. Their acquisition of SBTech is helping the outfit to grow its app’s offerings. It’s also spinning a web of controversy; the company is under Securities and Exchange Commission (SEC) investigation because of the acquired company’s alleged organized crime activities.
Nonetheless, it is continuing to absorb companies; today is seeing DraftKings purchase web casino company Golden Nugget (NASDAQ:GNOG), a move that will help DraftKings expand their reach outside of sports betting and into other areas of the gambling industry.
What’s Next for DraftKings Stock?
Sportsbook buildings, sports content platforms, acquisitions both within the realm of sports betting and beyond: there is countless evidence proving DraftKings’ willingness to expand its brand and try something new. Investors see that, and they’re flocking to DraftKings stock as a result. But what do analysts think? Where do they think DKNG will go from its current price of around $52? Let’s take a look:
- John Eade of Argus Research is giving DKNG a price point of $60.
- Micael Graham, analyst for Canaccord Genuity, thinks DraftKings stock will reach $80.
- Daniel Adam of Loop Capital Markets thinks DKNG will double and then some, pricing the stock at $105.
- Carlo Santerelli, analyst for Deutsche Bank, is giving DraftKings stock a hold rating, and suggests the stock will stagnate at $51.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.