|Bid||50.49 x 1000|
|Ask||50.50 x 800|
|Day's range||47.79 - 51.08|
|52-week range||10.05 - 64.19|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||13 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||60.27|
(Bloomberg) -- DraftKings Inc. surged as much as 10% after raising its 2020 revenue forecast, an indication that the rise of sports betting shows no signs of slowing.The Boston-based company expects revenue in a range of $540 million to $560 million, excluding some items, up from its previous forecast range of $500 million to $540 million, it said in a statement Friday. That would mean year-over-year revenue growth of 25% to 30%.DraftKings said its forecast assumes all announced sports calendars are maintained through the end of the year -- and that’s not a sure thing, with coronavirus cases rising rapidly nationwide. College football programs had to cancel or postpone at least 18 games in the first half of November due to Covid-19 outbreaks.One thing to keep an eye on is college basketball. The Ivy League announced Thursday that it was canceling its winter sports season. It was the first conference to shut down sports at the onset of the pandemic. If the Ivy is the canary in the coal mine again, that could weigh on the guidance provided for next year.In the third quarter, DraftKings saw an increase in monthly unique players of 64%, topping 1 million, as major sports leagues like the NBA, MLB and NHL returned. The growth in the number of monthly players, a key metric, showcased the company’s data-driven sales and marketing approach, Chief Executive Officer Jason Robins said in the statement.Third-quarter revenue of $133 million was at the top of the company’s forecast range and beat analysts’ consensus estimate of $131.7 million, as compiled by Bloomberg.DraftKings shares were up 8.4% to $44.70 at 9:39 a.m. in New York. The stock was up 286% for the year through Thursday.(Updates with shares in first and final paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Voters said yes to legalizing sports betting in all three states where the question was on the ballot: Louisiana, Maryland, and South Dakota.
(Bloomberg) -- After all the hype around blank-check companies earlier this year, things have gotten ugly, with those shares selling off amid a stock-market rout.The Defiance Next Gen SPAC Derived ETF (SPAK), which primarily tracks companies that raise money for buying businesses, has plunged more than 14% since its October debut. Online sports-betting company DraftKings Inc. has tumbled about 40% this month, while Virgin Galactic Holdings Inc. -- a developer of space vehicles -- is down about 9%.Special purpose acquisition companies, or SPACs, have become a hot area of the market as a way for purchasers to avoid the costly and time-consuming initial public offering process. Instead, they sell shares of a company that has no operations, promising to use the money within two years to buy a private one. But after a giant rally in 2020, those stocks were engulfed in the market rout, and extended losses on Friday as volatility remained elevated heading into next week’s presidential vote.“Considering the serious uncertainty about another stop-gap plan from the U.S. government and next week’s elections, it does not surprise me that there is hesitation about adding more money to the so-called blank-check investment space,” said James Pillow, managing director at Moors & Cabot Inc.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.