DraftKings Inc. (NASDAQ:DKNG) shares are trading lower after Hindenburg Research published a short report on the stock.
Hindenburg Research published a report titled, "DraftKings: A $21 Billion SPAC Betting It Can Hide Its Black Market Operations."
DraftKings is a digital sports entertainment and gaming company.
While there are concerns about the report, some analysts aren’t seeing it as a major blow. Credit Suisse analyst Benjamin Chaiken believes that even if SBTech’s revenue weren’t there to add to DraftKings’ own, the company would be fine. He says the acquisition of SBTech had more to do with its platform than its revenue stream.
DKNG stock is experiencing heavy trading today on the Hindenburg Research report. As a result, more than 47 million shares of the stock have changed hands today as of this writing. That’s quite the increase compared to its daily average trading volume of 16.1 million shares.
DKNG stock is still up 8.1% since the start of the year.
Investors that are looking for stocks on the rise today will want to keep scrolling.
The stock was trading lower by $2.16, or 4.3%, to $48.46 . The stock has a 52-week high of $74.38 and a 52-week low of $27.54.
