JPMorgan said while DraftKings’ May operational data highlighted progress, it was not an indicator of near-term upside.

  • The brokerage maintained an overweight rating on the shares.
  • DraftKings’ annualized total volume traded was $3.1 billion in May, compared to Kalshi’s $215 billion.
  • DKNG shares are approaching their 200-day moving average, having fallen below this technical benchmark in September 2025.

Shares of DraftKings (DKNG) climbed for a third consecutive session on Thursday and were on pace for their strongest weekly performance since February 2025, as investors welcomed bullish analyst commentary tied to solid May operating metrics from the company’s fast-growing prediction markets business.

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DKNG shares traded 2% higher in pre-market, having rallied more than 16% in the past two sessions.

JPMorgan Sees Progress But Highlights Lower Base Compared To Kalshi

According to an SEC filing earlier this week, DraftKings said that its predictions offering saw strong momentum in May, with annualized consumer volume rising 24% month-over-month to $1.3 billion and annualized total volume traded surging 34% to $3.1 billion.

While the sequential growth showed “positive progress,” JPMorgan said the numbers were not an indicator of near-term upside or a material financial impact. The brokerage noted that DraftKings’ 34% growth came from a relatively small April base of $1.05 billion and remained modest compared with Kalshi’s annualized May trading volume of $215 billion, which rose 21% from the prior month.

However, JPMorgan maintained an ‘Overweight’ rating on the shares.

Overall, the stock has a 12-month consensus price target of $34.88, representing an upside potential of more than 21% from current levels. Of the 35 analysts covering DKNG, 28 have a ‘Buy’ rating, six have ‘Hold,’ while one has rated the stock as a ‘Sell,’ as per Koyfin data.

DKNG Stock Approaches Key Resistance Level

DraftKings shares are also approaching their key 200-day moving average, sitting about $1.20 below the resistance level. The stock has remained below this technical benchmark since falling under it in September and has yet to break back above it.

Source: TradingView<

DKNG Bulls Eye World Cup Catalyst

Retail sentiment surrounding DKNG remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes.

Chatter focused on the potential impact of the FIFA World Cup on the stock.

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Another user expects the stock price to double.

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The stock has shed around 17% so far this year.

Read also: DKNG Stock Gets A Cheer From Wall Street – Retail Sees Headlines Shifting From ‘Prediction Market Doom To Prediction Market Boom’

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