DraftKings (NASDAQ:DKNG) has been on fire over the past month, with DraftKings stock rising more than 50% during that stretch thanks to a wave of favorable business developments, the most noteworthy of which is an exclusive Daily Fantasy Sports partnership with ESPN.
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Before this huge breakout in DraftKings stock, I said that the stock was a screaming buy, because of the company’s long-term upside potential in online sports betting, iGaming and Daily Fantasy Sports.
Visibility to DraftKings realizing that long-term upside potential has increased dramatically over the past month. But so has the DKNG stock price.
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And so, it is with some sadness that I say it may be time to do some profit-taking on DraftKings stock. The stock is fundamentally and technically overextended here, and due