Wednesday, December 2, 2020

DraftKings Inc. [DKNG] is 372.90% higher this YTD. Is it still time to buy?

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DraftKings Inc. [NASDAQ: DKNG] surged by $1.78 during the normal trading session on Monday and reaching a high of $52.52 during the day while it closed the day at $50.60. The company report on October 7, 2020 that DraftKings, eBay, NexTech AR, and Vroom CEO’s Discuss New Mega-Trends in Digital Transformation of Sports Betting, Tradeshows, and Auto Sales..

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Vroom (NASDAQ:VRM) DraftKings (NASDAQ: DKNG) NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) and eBay (NASDAQ:EBAY). Accelerating digital transformation is driving explosive growth opportunities in markets as diverse as sports betting, auto sales, and tradeshows. Wall Street Reporter highlights the latest comments from industry thought leaders:.


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DraftKings Inc. (NASDAQ: DKNG), CEO Jason Robins: “Huge Pent-up Demand for Sports Betting”“…As sports have started to return, we saw revenue improve sequentially each month in the quarter, with June revenue increasing 20% year-over-year on a pro forma basis. This strong overall results and improvement are due to our product innovation, our entry into new jurisdiction, and pent-up demand for sports betting as Live Sports like Golf, European Soccer, NASCAR and UFC started to return. In the first two weeks of MLBs return, we saw three times the handle compared to the first two weeks of the 2019 MLB season. In the first week of the NHL’s return, our handle is more than twice the handle of first week of 2019 NHL playoff…”.

DraftKings Inc. stock has also loss -16.43% of its value over the past 7 days. However, DKNG stock has inclined by 67.47% in the 3 months of the year. Over the past six months meanwhile, it has gained 243.05% and gained 372.90% year-on date.

The market cap for DKNG stock reached $18.84 billion, with 355.60 million shares outstanding and 278.56 million shares in the current float. Compared to the average trading volume of 19.14M shares, DKNG reached a trading volume of 31591961 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say 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 $53.94 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 2.10. 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.

Deutsche Bank have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on October 12, 2020. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Outperform. The new note on the price target was released on October 12, 2020, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $55, while Cowen analysts kept a Market Perform rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 4.33, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 52.72. The Price to Book ratio for the last quarter was 6.49, with the Price to Cash per share for the same quarter was set at 0.00.

DKNG stock trade performance evaluation

DraftKings Inc. [DKNG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.43. With this latest performance, DKNG shares gained by 22.05% in over the last four-week period, additionally plugging by 243.05% over the last 6 months – not to mention a rise of 416.33% in the past year of trading.

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 49.68, with the RSI for the last a single of trading hit 44.20, and the three-weeks RSI is set at 52.73 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 43.70, while it was recorded at 52.13 for the last single week of trading, and 27.98 for the last 200 days.

DraftKings Inc. [DKNG]: An insightful look at the core fundamentals

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

Earnings per share (EPS) analysis for DraftKings Inc. [DKNG] stock

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%.

DraftKings Inc. [DKNG]: Insider Ownership positions

There are presently around $9,274 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 $1.1 billion in DKNG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $871.25 million in DKNG stock with ownership of nearly New of the company’s market capitalization.

280 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 166,519,993 shares. Additionally, 51 investors decreased positions by around 14,006,449 shares, while 3 investors held positions by with 2,753,837 shares. The mentioned changes placed institutional holdings at 183,280,279 shares, according to the latest SEC report filing. DKNG stock had 232 new institutional investments in for a total of 151,332,821 shares, while 24 institutional investors sold positions of 7,537,682 shares during the same period.

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