Overlooked Alpha

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Overlooked Alpha
Research Notes: The Problem With DraftKings Stock
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Research Notes

Research Notes: The Problem With DraftKings Stock

The big YTD rally in DKNG makes some sense — but raises the same long-term questions we've seen before. And it applies to the market as well.

Wall Street and Main
Feb 23, 2023
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Overlooked Alpha
Overlooked Alpha
Research Notes: The Problem With DraftKings Stock
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📍 TL;DR

  • Since going public, DraftKings stock has been a bellwether for the market as a whole. 2023 looks no different.

  • The year-to-date gains, and the rally after Q4 earnings last week, make some sense. This is a better business than headline fundamentals suggest.

  • But that rally creates a valuation problem — a problem which echoes similar concerns that ha…

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