Investment

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Betting On Draftkings

00:01:02

Draftkings ($DKNG@US) shares were trading higher, rebounding after the stock fell last week. DraftKings shares had been in free fall over the last 3 months, trading down by 32% over the past month. Short-seller Jim Chanos added some fuel to the DraftKings fire when he announced last week that he has been short the stock for most of 2021."You can bet on basketball and football to your heart's content but this business model is flawed," Chanos said. Chanos cited outrageous marketing spending. DraftKings is a digital sports entertainment and gaming company. The company provides users with daily fantasy sports, sports betting, and iGaming opportunities and is also involved in the design and 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. Oppenheimer is maintaining its Outperform rating on DraftKings, which currently sits at a price target of $70.The stock closed up 0.19% at $31.30 Thursday.

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