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

DraftKings Faces Technical Downturn Ahead of Q3 Earnings

DraftKings Inc. (NASDAQ:DKNG) experienced a nearly 20% drop in its stock price over the past month as it approaches its third-quarter earnings report scheduled for Thursday after market close. This decline has impacted major investors including billionaires Ken Griffin and Cliff Asness.

Billionaire Investors Suffer Losses

Ken Griffin of Citadel increased his DraftKings shares in Q2 to 8.07 million, valued at $346 million, at an average purchase price of $38.53. Currently, his position reflects a loss of about 25% as the stock trades near $28.11.

Similarly, Cliff Asness from AQR boosted his stake by over 50%, holding 7.15 million shares worth $306 million with an average cost of $36.30. Both investors face significant unrealized losses due to the recent price drop close to the stock’s 52-week low of $28.04.

Market Expectations and Technical Signals

Wall Street analysts anticipate an EPS loss of 40 cents per share on revenue of $1.23 billion for the upcoming earnings. Technically, the stock triggered a

Death Cross
, where the 50-day moving average ($38.63) crosses below the 200-day moving average ($39.60), indicating prolonged bearish momentum.

Summary

DraftKings' stock decline ahead of earnings reflects both disappointing investor sentiment and a key technical indicator signaling further downward pressure.

Author's Note: The recent Death Cross and earnings expectations mark a challenging period for DraftKings and its top shareholders.

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Benzinga Benzinga — 2025-11-05

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