DraftKings Shunned Even as Wall Street Heavyweights Say Buy
- Gaming site joins other unprofitable high flyers in retreat
- Gap between stock and analyst target price is the most ever
This article is for subscribers only.
Investors are shunning DraftKings Inc. despite signals from some of Wall Street’s most prominent names to buy the shares of the former high-flying online gaming company.
Shares of the seemingly ubiquitous betting site have slumped about 40% since their March record amid a dearth of top sporting events and after the company reported quarterly results. The selloff has widened the gap between its stock price and the average analyst target by the most ever, according to data compiled by Bloomberg.