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This Is Why DraftKings and Sofi Were on Fire on Monday

Today's video focuses on stock price action, valuation metrics, and recent news affecting DraftKings (NASDAQ:DKNG) and Sofi (NASDAQ:SOFI). Here are some highlights from the video.

  1. The main reason that stock prices jumped for DraftKings and Sofi was recent bullish analysts' price targets. On Oct. 11, reports appeared that analysts at Morgan Stanley initiated coverage of Sofi with a $25 price target. On the same day, reports emerged that analysts at Citigroup initiated coverage of DraftKings with a $66 price target.
  2. Sofi received another bullish analyst price target on Sept. 22, when reports appeared that analysts at Jefferies initiated coverage of Sofi with a similar price target of $25. Some of the bullish points investors are making with Sofi deal with Sofi's potential of receiving a bank charter in the near future and interest rates coming back on student loans in January.
  3. DraftKings announced on Oct. 10 that its latest office location would be based out of Las Vegas and should be in use by early 2022. The Las Vegas office will be DraftKings' second-largest office. DraftKings has been growing at solid levels and expanding into new markets such as NFTs and iGaming. Investors could see this expansion as further evidence of DraftKings' continued growth in North America.

Click the video below for my full thoughts and analysis.

*Stock prices used were the premarket prices of Oct. 12, 2021. The video was published on Oct. 12, 2021.

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Jose Najarro owns shares of DraftKings Inc. The Motley Fool owns shares of and recommends SoFi Technologies, Inc. The Motley Fool has a disclosure policy. Jose is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.


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