DraftKings Hits A Death Cross Ahead Of Q3 Earnings — Handing Ken Griffin A 25% Loss - DraftKings (NASDAQ:DKNG)

DraftKings Faces Decline Ahead of Q3 Earnings

DraftKings Inc (NASDAQ:DKNG) experienced a significant drop as its stock fell nearly 20% over the past month. This decline comes just before the company’s third-quarter earnings report, expected after Thursday’s market close.

Billionaire Investors Suffer Losses

Ken Griffin of Citadel and Cliff Asness of AQR, who increased their stakes earlier this year, are now facing heavy losses. Griffin holds 8.07 million shares valued at $346 million, with an average purchase price of $38.53. At current prices near $28.11, this puts him down about 25%.

Cliff Asness boosted his holding by more than 50%, owning 7.15 million shares valued at $306 million at an average cost of $36.30. Both investors are deeply in the red as the stock trades just above its 52-week low of $28.04.

Market Expectations and Technical Signals

Investors are preparing for volatility as Wall Street anticipates an EPS loss of 40 cents per share on revenue of $1.23 billion.

DraftKings' 50-day moving average ($38.63) has dropped below its 200-day moving average ($39.60), signaling a Death Cross that indicates sustained bearish momentum.

Summary

This technical indicator, combined with disappointing stock performance, has put pressure on billionaire investors and raised concerns ahead of earnings.

Author's summary: DraftKings' stock decline and a bearish Death Cross ahead of Q3 earnings have led major investors Ken Griffin and Cliff Asness to face steep losses, signaling a challenging outlook.

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Benzinga Benzinga — 2025-11-05

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