Cathie Wood just bought $42M of DraftKings stock, here’s where you can buy instantly

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Jun 16, 2021
  • Cathie Wood’s Ark Invest bought $42.2 million worth of DraftKings Inc.
  • Morgan Stanley and Jefferies reiterate price targets & ratings on DKNG.
  • If you need help buying DKNG stock this guide is for you.

Cathie Wood’s Ark Invest bought $42.2 million worth of DraftKings Inc (NASDAQ: DKNG) shares on Wednesday. The stock opened at $48.89 per share and is currently exchanging hands at $49.50 per share.

The news comes a day after Hindenburg Research announced a short position on DraftKings, resulting in a close to 12% decline in the online gaming company’s stock on Tuesday. Cathie Wood now owns 870,300 DraftKings shares in total.

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Thomas Allen of Morgan Stanley, who currently has a price target of $58 per share on DraftKings, reaffirmed his ‘overweight’ rating on DKNG, despite the short seller report on Tuesday, citing that “unregulated market exposure is common for international online gaming/sports betting companies”. Jefferies’ David Katz also reiterated his ‘buy’ rating on DraftKings with a price target of $75 per share.

If becoming a DKNG shareholder sounds exciting to you, the following guide will inform you about where and how to buy Draftkings shares.

Where & how to buy DraftKings stock right now?

Much like any investment in the financial markets, buying DraftKings shares required you to have a verified account with a reliable stockbroker. Once you have that, you simply have to search for the relevant ticker (DKNG) on the platform and click on the button that reads “buy stock”.

The above-mentioned 2-minute process is all that it takes to invest in DraftKings online. But finding a trustworthy online stockbroker is a job that is tougher than it sounds, primarily due the immense competition in recent years. The incidents of scam are not all too rare either.

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What is DKNG stock?

DKNG is currently trading at a per-share price of $49.50. This compares to its year-to-date low of $41 per share in mid-May. DraftKings had started the year at $44.86 per share. The Boston-headquartered company performed massively upbeat in the stock market amidst the COVID-19 crisis last year with an annual gain of more than 300%. At the time of writing, it is valued at $18.83 billion.

Last month, DraftKings said its revenue jumped close to 200% to beat Wall Street estimates in the fiscal first quarter. Reports also emerged in May that DraftKings showed interest in acquiring Bleacher Report.

Will DraftKings stock rise in value?

Investing in the stock market is always associated with risk since there is no guarantee of return. DraftKings stock is not any different in this regard.

However, considering that the online gaming company reported a massive 114% increase in monthly unique payers in its recent financial quarter, and also raised its guidance for the full year, it is evident that DraftKings is confident of its future prospects. On top of that, the outlook might get even better for DraftKings as more and more states continue to legalize online gambling while countries like Canada are not that far behind in embracing online gaming.

Investors should also be paying attention to Reddit boards and other channels as DKNG stock has the potential to become the newest “meme stock”. If this happens, the price of DraftKings stock could soar higher from current levels.

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