Jim Cramer Recommends Buying This Sports Betting Company's Stock: 'I Think It's Terrific'
On CNBC's “Mad Money Lightning Round,” Jim Cramer recommends buying sports betting company DraftKings Inc. (NASDAQ:DKNG), proclaiming, “I think it's terrific.”
On May 2, DraftKings reported first-quarter revenue of $1.18 billion, up 53% year-over-year. The revenue total beat a Street consensus estimate of $1.12 billion, according to data from Benzinga Pro.
The global online sports betting market size had a value of roughly $54.6 billion in 2023. It’s projected to exceed $142 billion by 2032, per Zion Market Research.
Cramer also called Accenture plc (NYSE:ACN) “too low.”
On May 15, Deutsche Bank analyst Bryan Keane downgraded Accenture from Buy to Hold and lowered the price target from $409 to $295.
When asked about Ouster, Inc. (NYSE:OUST), Cramer said, “I can't go there, because I'm not recommending stocks where they just have not been able to even get near a profit.”
On May 9, Ouster reported better-than-expected financial results for the first quarter.
The “Mad Money” host he needs to do work on Vistra Corp. (NYSE:VST) as “this thing has been such a rocket ship. I cant' just say it's moved to much. I've got to learn it better.”
On May 8, Vistra posted results for the first quarter, recording quarterly sales of $3.054 billion versus market expectations of $2.778 billion.
MP Materials Corp. (NYSE:MP) has been “disappointing,” Cramer said. “I don't like to be betting behind losing horses.”
On May 2, MP Materials posted mixed results for its first quarter, reporting adjusted loss of 4 cents per share, wider than market expectations for a loss of 2 cents per share.
Boston Scientific Corporation (NYSE:BSX) is just “doing so well, they have an amazing cardio franchise,” Cramer said, “It is just fantastic.”
On April 24, Boston Scientific reported better-than-expected first-quarter earnings and issued guidance.
Price Action:
- Accenture shares fell 0.2% to settle at $308.00 on Thursday.
- Ouster shares fell 3.6% to close at $11.66.
- Vistra shares declined 3.9% to settle at $93.14 on Thursday.
- DraftKings shares fell 2.6% to settle at $44.97.
- MP Materials shares rose 0.8% to close at $18.08 on Thursday.
- Boston Scientific shares gained 0.1% to settle at $74.55.
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