Why DraftKings Is Down 7% Today

Shares of online fantasy sports and sports betting company DraftKings (NASDAQ: DKNG) are down 7% today, as of 11:30 a.m. EDT. After a huge run following its April 2020 initial public offering (IPO), investors are taking some profits after a company announcement this morning. 

DraftKings announced today it will be issuing new shares of its common stock, diluting existing shareholders after a strong performance in its first six months of trading. 

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Source Fool.com