BYD and FLUT could see some big moves later in 2024 amid M&A buzz
Earlier today, casino operator and sports betting company PENN Entertainment Inc (NASDAQ:PENN) was downgraded on valuation concerns. While PENN may be one of the more popular sports betting stocks, the sector has a few other names worth monitoring -- some more familiar than others.
DraftKings Inc (NASDAQ:DKNG) stock is down 4% to trade at $38.39 after a price-target cut to $53 from $54 at Wells Fargo. The shares are on track for their fourth-straight loss, and have now shed more than 10% in the last four trading days. Prior to that short-term drawdown, DKNG -- up 52% year-over-year -- had pulled back to a historically bullish trendline, and is now testing it once more.
Boyd Gaming Corp. (NASDAQ:BYD) is a lesser-known name, but it might be time to get acclimated. The gambling operator, per a Reuters report, approached Penn Entertainment to discuss a potential acquisition. Debt reconstruction would be a huge hurdle, but it's worth noting nonetheless. BYD is down 1.3% to trade at $53.88 today and 13.8% lower in 2024 after a 15.4% post-earnings bear gap on April 26.
Flutter Entertainment (NYSE:FLUT) is the Dublin, Ireland-based parent company of FanDuel, one of the most popular sports books out there. The company listed on the New York Stock Exchange (NYSE) on Jan. 29, opening at $205. On May 31, Flutter moved its primary listing to the NYSE. FLUT was last seen trading at $186.49.
