DraftKings Inc. (NASDAQ:DKNG) is one of the stocks on Jim Cramer’s radar. A caller asked if it was a good time to add to their position in the stock, and Cramer remarked:
“Yes, the answer is yes. I think this is best in show. I think that the stock could have a, look, it’s up 25%. I think it can go even further. It is profitable, and it’s, I think, run by maybe the best in the entire industry, Jason Robbins. Good choice by you.”
Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels
DraftKings Inc. (NASDAQ:DKNG) provides digital sports entertainment and gaming services, including online sports betting, daily fantasy contests, iGaming, and retail sportsbooks. The company also develops betting and casino software and operates a digital collectibles marketplace that feature curated NFTs. Cramer discussed the company’s earnings and forecast in an August episode. He said:
“As we approach football season, things are already looking pretty darn good for DraftKings, one of the nation’s largest online sportsbooks. I’ve been steadfastly bull on this one, you know, just the whole way. After the close, DraftKings reported an impressive quarter, revenue growth accelerating to 37%, better-than-expected earnings, higher-than-expected earnings before interest, taxes, depreciation, and amortization. These results were driven by what DraftKings calls sportsbook-friendly outcomes in the quarter, and the company only reiterated its full-year forecast. But management did say that it now expects to see revenue near the high end of its guidance range. That was good enough to send the stock flying in after-hours trading.”
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Disclosure: None. This article is originally published at Insider Monkey.
