Jun 10, 2022 - Jack Dalton
As we have seen over the past couple of years, there were a good handful of "Social Sentiment Stocks" like GME and AMC that skyrocketed based almost solely off of social sentiment. As a result of this, many people have started to pay attention to the social sentiment behind stocks.
Out of the several DraftKings Inc. (DKNG) stock discussion available to for investors to share their opinions and discuss their favourite stocks, there are 2 stock discussion forums that influence DKNG's social sentiment more than any others. These 2 stock discussion forums include DKNG Stocktwits and DKNG Twitter.
The Utradea Social Sentiment Dashboard allows you to track real-time trends and insights for DraftKings Inc. discussions and DraftKings Inc. conversations.
Here are the latest analytics from the DKNG Stocktwits forum (over the last 24hrs):
At first it might seems as though DKNG has experienced a sharp decline in social sentiment on Stocktwits. While this is true for DKNG's posts and likes on Stocktwits, it is not true for the overall DKNG Stocktwits social sentiment. This is due to the fact that the level of impressions in the DKNG Stocktwits increased by 15%, and impressions are arguably the most important measure for social sentiment. This is becasue impressions translates into eyes on the DKNG stock, and name recognition for the DKNG stock. This can help increase volume in the short-term, and the long-term (due to name recognition) for the DKNG stock.
Here are the latest analytics from the DKNG Twitter communiy (over the last 24hrs):
The DKNG Twitter sentiment differs from the DKNG Stocktwits sentiment due to the fact that their numbers are down across the board (even impressions). This is not good, as the DKNG Twitter community accounts for about 2x the posting volume and about 6x the impressions than the DKNG Stocktwits communtiy does.
Is there a reason why the DKNG Twitter sentiment is so low? Usually after periods of increased sentiement, stock can experience a sharp decline (like DKNG), however, does this thesis explain the drop in DKNG Twitter sentiment? No it does not as I could not find any news to support this, however, their stock price was up 10%, which would have increased these analytics, thus making DKNG's social sentiment look worse in this analysis.
Here is a count of “whale” accounts that are acitve on DKNG Twitter (over the past 72 hrs):
It is always good to have big accounts posting about a stock on Twitter (and Stocktwits). It is a very high possibility that these whale accounts are drawing in the majority of DKNG impressions. While this is good for awareness, what will happen if these accounts stop posting about DKNG. Will they still fetch similar impressions? Will their social sentiment decrease further?
This could happen to DKNG as their most popular posts today (which have fetched a good portion of their daily impressions) were sports pages mentioning DKNG's new deal with the UFC.
Overall, investors are very active on the DKNG Stocktwits and DKNG Twitter Forum. Being able to quickly gain insights into a stocks social sentiment has proven to be beneficial for modern investors. We suggest getting familiar with the Utradea Social Sentiment Dashboard, as it is a quick way to stay up-to date with social sentiment across a wide variety of stocks.