DraftKings Reported Mixed Earnings and Tilray Received an Analyst Upgrade 💰

DraftKings Reported Mixed Earnings and Tilray Received an Analyst Upgrade

DraftKings  

DraftKings has been one of the hottest stocks during the pandemic. Entering the market through a SPAC, it is up more than 200% from its market debut. They provide sports entertainment and betting services, and they have a market cap of $19.257 billion.

On Friday morning, DraftKings reported their 2021 first-quarter financial results. The earnings were a mixed bag, but they were mainly looking at the future. Revenue numbers beat expectations with $312 million reported, and they raised their revenue guidance to go with it. On the other hand, they reported a loss of 87 cents per share, which was much worse than the expectation. This was a result of an increase in marketing expenses, which was necessary as more states legalized sports gambling. Because sports gambling is increasing in popularity, it will be interesting to see how the stock does in the coming quarter.

DraftKings closed at $48.42 to end the week, down 6.69% on Friday.

Tilray

Tilray specializes in the research and production of medical cannabis. It has witnessed a wild ride, with its stock price jumping to $67 during the GameStop fiasco. They are a mid-cap company with a market capitalization of $7.219 billion.

On Friday, Tilray received an upgrade from an analyst on Wall Street. Owen Bennett, from Jeffries, raised Tilray’s rating from “Underperform” to “Buy”, while also raising the price target to $23. This came after Tilray announced its merger with another big player in the cannabis industry, Aphria. Bennett wrote that this merger allows Tilray to have greater access in the international market, while also allowing more exposure to the US market. More importantly, the industry has a bright future with many states starting to legalize weed. The current government is also in support of it, reducing the risk of investing in weed companies.

Tilray ended the week at $16.18, up 14.35% on Friday.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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