Why DraftKings Stock Is Trading Higher Today

DraftKings Inc DKNG shares are trading higher amid anticipation of larger betting volume ahead of the men’s NCAA March Madness basketball tournament. The tournament is scheduled to take place starting Thursday, March 18, until Monday, April 5.

DraftKings also held an investor day event on March 9 to discuss the company’s future.

DraftKings had four analyst rating updates following the investor day: 

• Bank of America reiterates a Neutral rating with a $70 price target.
• Morgan Stanley reiterates an Overweight rating with a price target of $66.
• Rosenblatt Securities reiterates a Buy rating and raises the price target from $72 to $81.
• Needham reiterates a Buy rating with a price target of $80.

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

DraftKings shares are trading higher by 1.86% at $72.94 at publication time. The stock has a 52-week high of $74.09 and a 52-week low of $10.60.