Wednesday, October 28, 2020

Argus slashes price target on DraftKings Inc. [DKNG] – find out why.

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DraftKings Inc. [NASDAQ: DKNG] gained 5.18% on the last trading session, reaching $53.19 price per share at the time.

DraftKings Inc. represents 355.60 million in outstanding shares, while the company has a total market value of $17.98 billion with the latest information. DKNG stock price has been found in the range of $51.40 to $53.59.

If compared to the average trading volume of 16.28M shares, DKNG reached a trading volume of 21722305 in the most recent trading day, which is why market watchdogs consider the stock to be active.

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 $50.33 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 2.20. 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.

Argus have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 25, 2020. While these analysts kept the previous recommendation, Macquarie raised their target price to Outperform. The new note on the price target was released on September 24, 2020, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise from $45 to $57, while The Benchmark Company kept a Buy rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 3.94, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 50.31. The Price to Book ratio for the last quarter was 6.82, 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 -3.97. With this latest performance, DKNG shares gained by 36.88% in over the last four-week period, additionally plugging by 319.15% 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 64.86, with the RSI for the last a single of trading hit 65.14, and the three-weeks RSI is set at 64.29 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 39.21, while it was recorded at 51.86 for the last single week of trading, and 25.45 for the last 200 days.

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

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 0.20.

DraftKings Inc. [DKNG]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for DKNG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for DraftKings Inc. go to 40.00%.

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

There are presently around $9,741 million, or 51.50% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: VANGUARD GROUP INC with ownership of 22,640,839, which is approximately New of the company’s market cap and around 10.10% of the total institutional ownership; RAINE CAPITAL LLC, holding 21,715,872 shares of the stock with an approximate value of $1.16 billion in DKNG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $915.84 million in DKNG stock with ownership of nearly New of the company’s market capitalization.

274 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 166,433,305 shares. Additionally, 48 investors decreased positions by around 13,969,849 shares, while 3 investors held positions by with 2,730,426 shares. The mentioned changes placed institutional holdings at 183,133,580 shares, according to the latest SEC report filing. DKNG stock had 233 new institutional investments in for a total of 151,406,593 shares, while 22 institutional investors sold positions of 7,499,964 shares during the same period.

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