Why DraftKings (DKNG) Shares Suffer Steady Decline this Week?

DraftKings Logo

DraftKings Inc (NASDAQ: DKNG), the online sports betting company had an unlucky week—its stock price suffered a steady decline.

On Friday, DKNG fell by 4.52% to $48.82 per share and slid some more during the extended trading to $48.61 each. The stock declined steadily since Monday when its price was $61.41 per share. Over the past five days, DraftKings’ stock price declined more than 26%.

DraftKings stock chart 10-09-20
Source: Google Finance

This year, DraftKings stock gained more than 400%. Comparatively, the S&P 500 is up only 4% for the same period. What are the reasons driving investors to be bearish on DraftKings shares this week?

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