DraftKings stock's muted reaction to strong earnings has created a buying opportunity

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One of the fastest-growing digital companies on the market, DraftKings ($DKNG), the leading online sports betting (OSB) brand in the US, reported stellar earnings results in early May. Q1 revenue grew 53%, and the company even raised its full-year outlook thanks to strong momentum. However, as you can see below, there was no noteworthy reaction following the Q1 earnings release.

This muted post-earnings reaction is actually a good thing for long-term investors as it gives an opportunity to scoop up shares at attractive prices. DraftKings has proven to be a resilient company, unaffected by macro and geopolitical uncertainties, high interest rates, or any other external factors. It’s firing on all cylinders, gaining market share, and improving its bottom line. While the stock has nearly doubled over the past twelve months, it’s still a strong buy. Let’s take a deeper dive.

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