Shares of DraftKings Inc. (NASDAQ: DKNG) showcased outstanding performance in the past month, significantly outperforming the Zacks Gaming industry and the S&P 500. The company is benefiting from an increase in new online sportsbook and iGaming customers as well as improved product offerings.
In the past month, DKNG stock moved up 13.6% compared with the industry's 6.7% gain and the S&P 500's 2.1% increase. As of Monday, the stock closed at $39.20, below its 52-week high of $49.57 but well above its 52-week low of $25.73.
In the same timeframe, the company also outperformed other major industry players. Shares of Flutter Entertainment plc (NYSE: FLUT), Caesars Entertainment, Inc. (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) rose 11.7%, 10.9% and 4%, respectively.
Stock Performance
Image Source: Zacks Investment Research
Technical indicators suggest continued strong performance for DKNG. The stock is trading above its 50-day moving averages, signaling robust upward momentum and price stability. This technical strength underscores positive market sentiment and confidence in DKNG's financial health and prospects.
50-Day Moving Averages
Image Source: Zacks Investment Research
Reasons Behind DKNG's Upsurge
DraftKings stock surged in recent trading sessions, largely driven by Flutter Entertainment's optimistic guidance. Both companies dominate the online sports betting and iGaming landscape, and Flutter's positive outlook has sparked heightened enthusiasm across ...
