Wednesday, December 2, 2020

DraftKings Inc. [DKNG] is 268.32% higher this YTD. Is it still time to buy?

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DraftKings Inc. [NASDAQ: DKNG] gained 3.71% or 1.41 points to close at $39.41 with a heavy trading volume of 8732972 shares. It opened the trading session at $37.80, the shares rose to $40.60 and dropped to $37.18, the range by which the price of stock traded the whole day. The daily chart for DKNG points out that the company has recorded 291.55% gains over the past six months. However, it is still -303.79% lower than its most recent low trading price.

If we look at the average trading volume of 7.08M shares, DKNG reached to a volume of 8732972 in the most recent trading day, which is why market watchdogs consider the stock to be active.


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Here is what top equities market gurus are saying about DraftKings Inc. [DKNG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for DKNG shares is $38.71 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on DKNG stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Canaccord Genuity have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 03, 2020. While these analysts kept the previous recommendation, Goldman raised their target price to Neutral. The new note on the price target was released on May 19, 2020, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise from $24 to $33, while Northland Capital kept a Outperform rating on DKNG stock. On May 18, 2020, analysts increased their price target for DKNG shares from 25 to 35.

The Average True Range (ATR) for DraftKings Inc. is set at 3.23, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 88.57. The Price to Book ratio for the last quarter was 5.06, with the Price to Cash per share for the same quarter was set at 0.00.

Trading performance analysis for DKNG stock

DraftKings Inc. [DKNG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.51. With this latest performance, DKNG shares gained by 68.06% in over the last four-week period, additionally plugging by 291.55% over the last 6 months .

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DKNG stock in for the last two-week period is set at 70.20, with the RSI for the last a single of trading hit 65.89, and the three-weeks RSI is set at 71.10 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 23.95, while it was recorded at 39.49 for the last single week of trading.

DraftKings Inc. [DKNG]: A deeper dive into fundamental analysis

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.50.

An analysis of insider ownership at DraftKings Inc. [DKNG]

There are presently around $1,165 million, or 10.10% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: FALCON EDGE CAPITAL, LP with ownership of 3,960,000, which is approximately New of the company’s market cap and around 12.90% of the total institutional ownership; FRED ALGER MANAGEMENT, LLC, holding 2,314,678 shares of the stock with an approximate value of $87.96 million in DKNG stocks shares; and NEUBERGER BERMAN GROUP LLC, currently with $68.58 million in DKNG stock with ownership of nearly New of the company’s market capitalization.

81 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 26,665,953 shares. Additionally, 55 investors decreased positions by around 24,807,586 shares, while 2 investors held positions by with 20,802,498 shares. The mentioned changes placed institutional holdings at 30,671,041 shares, according to the latest SEC report filing. DKNG stock had 69 new institutional investments in for a total of 22,470,968 shares, while 45 institutional investors sold positions of 21,034,718 shares during the same period.

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