Why DraftKings Shares Are Rising

DraftKings shares are trading higher by 5% at $32.82 on continued strength. On Tuesday, the company announced an NFT collaboration with the NFL Players Association and CBRE initiated coverage on the stock with a $36 price target.

"The future of fandom is unfolding in front of us, and few organizations beyond DraftKings are as equipped to capitalize on the increasing intersection between sports and NFTs that will be cornerstones of engagement and entertainment within Web3," said Beth Beiriger, SVP of product operations for DraftKings Marketplace.

"We will continuously adapt, innovate and seek progressive collaborators like the NFLPA and OneTeam to reach early adopters among fanbases and ultimately introduce these next-generation products to the masses," Beiriger stated.

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DraftKings Inc is a digital sports entertainment and gaming company. The company provides users with daily fantasy sports (DFS), sports betting, and iGaming opportunities and is also involved in the design & development of sports betting and casino gaming platform software for online and retail sportsbook and casino gaming products.

DraftKings has a 52-week high of $74.38 and a 52-week low of $27.48.