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  "documentTitle": "DraftKings Inc. (DKNG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-10-03 00:00:00",
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      "text": "We believe a multiple re-rating is warranted given the tectonic shift in the competitive landscape. DKNG has previously traded as low as 1.7x revenues in late 2022 / early 2023",
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      "text": "EV / Revenue Multiple: 35% to 60%",
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      "text": "Spruce Point believes the launch of sports prediction exchanges comes at an unfortunate time in DKNG's history. The Company is finally seeing some operating leverage but growth appears to be slowing...",
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      "kind": "title",
      "text": "We See Approximately 35% To 60% Downside In DKNG Shares",
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      "evidence": "Conclusion that DKNG's share price will decline",
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