Stock Track | DraftKings Soars 5.08% in Pre-market Following Earnings Beat and Analyst Price Target Increase

Stock Track05-08 20:49

DraftKings Inc. (DKNG) experienced a significant pre-market surge of 5.08% on Friday, indicating strong investor sentiment ahead of the regular trading session.

The movement follows the company's release of first-quarter results, which showed a profit of $21.07 million, a swing from a loss in the prior year. DraftKings reported adjusted earnings per share of 3 cents, beating the analyst consensus estimate of 2 cents. Revenue for the quarter rose 16.8% year-over-year to $1.65 billion, also exceeding expectations.

Concurrently, positive analyst actions contributed to the bullish sentiment. BTIG maintained its Buy rating on the stock and raised its price target to $30 from $28. The firm's optimism, alongside the earnings beat, provided a clear catalyst for the pre-market price appreciation.

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