FMP
DraftKings Inc. (NASDAQ: DKNG) Maintains "Buy" Rating and Sees Price Target Increase
Feb 18, 2025 2:07 PM - Andrew Wynn
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- Needham maintains a "Buy" rating for DraftKings Inc. (NASDAQ: DKNG) and increases the price target from $60 to $65.
- DraftKings announces the launch of a $500 million senior secured term loan B credit facility to support growth and operational strategies.
- The company's market capitalization stands at approximately $25.26 billion, with a trading volume of 4,626,850 shares, indicating its volatility and potential for growth.
DraftKings Inc. (NASDAQ: DKNG) is a prominent player in the digital sports entertainment and gaming industry. Founded in 2012 and headquartered in Boston, the company was established by Jason Robins, Matt Kalish, and Paul Liberman. DraftKings is unique as the only U.S.-based vertically integrated sports betting operator, offering a range of real-money games and betting options to enhance sports fans' experiences.
On February 18, 2025, Needham maintained its "Buy" rating for DraftKings and increased the price target from $60 to $65. At that time, the stock was trading at $51.87. Currently, DKNG is trading at $51.81, reflecting a slight decrease of approximately 3.15% or $1.69. The stock's price today has fluctuated between $51.70 and $53.49.
DraftKings recently announced the launch of syndication for a proposed senior secured term loan B credit facility, amounting to $500 million. The completion of this Term Loan B is contingent upon market and other conditions. The company plans to use the net proceeds from this loan for general corporate purposes, which could support its growth and operational strategies.
The company's market capitalization is approximately $25.26 billion, with a trading volume of 4,626,850 shares. Over the past year, DraftKings has experienced a high of $53.61 and a low of $28.69. This range indicates the stock's volatility and potential for growth, aligning with Needham's optimistic price target increase.
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