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Sports BettingFebruary 16, 2022·1 min read
DraftKings Stock: Will It Rebound in 2022?
DraftKings' stock has experienced significant volatility over the past year. The stock price reached a high of $71.98 on March 19, 2021 and bottomed out at $19.46 on January 21, 2022. This represents a 70% decrease in value since peaking in early 2021.
Despite the recent downturn, experts remain optimistic about DraftKings' prospects for 2022. Some predict that the stock price could double over the course of the year. This optimism is bolstered by the company's strong financial position, with cash and equivalents reported at $2.4 billion in September 2021.
However, DraftKings faces potential legal troubles that could impact its stock performance. Tilman Fertitta, Golden Nugget chairman and CEO, is accused of agreeing to takeover terms that benefited him personally and undervalued the stock price for shareholders. Steven Eschbach and Anthony Franchi, shareholders of Golden Nugget Online Gaming, filed a joint suit in the Delaware Court of Chancery. Additionally, Carl Grove, another shareholder, is pursuing a lawsuit on his own.
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