DraftKings (DKNG) has underperformed, falling roughly 36% since The Bear Cave’s initial coverage, as competitive threats from prediction markets like Kalshi intensify, the firm says in a research note. Kalshi’s superior execution, broader reach, and effective growth strategies are putting long-term pressure on DraftKings’ business model, The Bear Cave argues.
Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DKNG:
- Cathie Wood Buys the Dip in Roblox and Crypto Stocks, Trims Stakes in Airbnb and DraftKings
- Kalshi Withdraws ‘Extortion’ Charge after Clashing with Juice Reel CEO
- DraftKings price target lowered to $50 from $54 at Canaccord
- DraftKings price target lowered to $35 from $37 at Rothschild & Co Redburn
- DraftKings price target lowered to $44 from $46 at Stifel