https://youtube.com/watch?v=CgvUjX6G8zg
DraftKings stock has been hammered along with other growth stocks but could be about to surprise higher on quarterly earnings. Don’t miss this video before DKNG reports! 🤑 Get The Weekly Bow-Tie – FREE weekly newsletter sharing market updates, trends and the most important news! https://mystockmarketbasics.com/dailybowtie
DraftKings reports earnings on Friday before the market open and investors could be in for a surprise upside to the stock. DKNG shares have come down 70% from the peak last year and are finally in good value territory with some great upside potential.
In this video, I’ll do a complete DraftKings stock analysis including why I’m looking at growth stocks in 2022. I’ll show you the competitive advantage that could take DraftKings stock price higher over the long-term and the near-term surprise that could shoot the stock higher soon.
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DraftKings claims to control 33% of the online sports betting market which is experiencing very strong growth. 30 States and DC now allow legal sports betting with 10 just in the last year but it’s still just a third of the total population so this is a market with a lot of growth left. DraftKings is in 17 of those states, expanding aggressively especially into New York which is new just recently, but it still has growth into California, Texas and Florida to look forward to.
Sales for the fourth quarter reporting this Friday are expected at $445 million which would be 38% growth from the previous year. For full year 2022, the company is expected to post 46% sales growth and you can see here it just keeps growing, expected to hit $2.5 billion next year and $3.2 billion by 2024. DraftKings reported 1.34 million average monthly players in the third quarter, up from just a million in the previous year and like a lot of these kind of social-network type companies, this is really the measure you want to watch is that subscriber or user growth. As long as the company can add users that can be monetized in the future, investors are usually going to give it a pass on earnings and bid up the stock.
The long-term argument is there for DraftKings stock and I’ve found a near-term catalyst that could boost the price Friday when it reports earnigns. You don’t want to miss this video!
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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