Wednesday, December 2, 2020

DraftKings Inc. [DKNG] gain 256.54% so far this year. What now?

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DraftKings Inc. [NASDAQ: DKNG] stock went on a downward path that fall over -1.42% on Wednesday, amounting to a one-week price decrease of less than -8.07%. The company report on October 28, 2020 that DraftKings Announces Sponsorship of Gaming Innovation Studio at University of Nevada, Las Vegas.

Agreement gives the Company naming rights and ongoing access to local expertise and talent.


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Sponsored


DraftKings Inc. (Nasdaq: DKNG) today announced a multi-year agreement to become a primary sponsor of the Center for Gaming Innovation, housed within the International Gaming Institute (IGI) at the University of Nevada, Las Vegas (UNLV). The agreement includes the opening of the new DraftKings Gaming Innovation Studio at UNLV and provides DraftKings with access to local talent, while furthering the company’s ties to the Las Vegas community.

Over the last 12 months, DKNG stock rose by 284.58%. The one-year DraftKings Inc. stock forecast points to a potential upside of 33.44. The average equity rating for DKNG stock is currently 2.10, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $14.52 billion, with 378.24 million shares outstanding and 308.49 million shares in the current float. Compared to the average trading volume of 23.42M shares, DKNG stock reached a trading volume of 27022672 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $57.32 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 3.45, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 91.02. The Price to Book ratio for the last quarter was 5.09, with the Price to Cash per share for the same quarter was set at 3.62.

DKNG Stock Performance Analysis:

DraftKings Inc. [DKNG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.07. With this latest performance, DKNG shares dropped by -31.56% in over the last four-week period, additionally plugging by 96.04% over the last 6 months – not to mention a rise of 284.58% 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 35.54, with the RSI for the last a single of trading hit 25.00, and the three-weeks RSI is set at 39.30 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 45.97, while it was recorded at 40.46 for the last single week of trading, and 29.90 for the last 200 days.

Insight into DraftKings Inc. Fundamentals:

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.40 and a Current Ratio set at 5.40.

DKNG Stock EPS

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 Position Details

There are presently around $7,025 million, or 48.70% 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 7.70% of the total institutional ownership; RAINE CAPITAL LLC, holding 21,715,872 shares of the stock with an approximate value of $828.46 million in DKNG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $656.88 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 166,133,758 shares. Additionally, 71 investors decreased positions by around 14,220,323 shares, while 12 investors held positions by with 3,790,491 shares. The mentioned changes placed institutional holdings at 184,144,572 shares, according to the latest SEC report filing. DKNG stock had 221 new institutional investments in for a total of 151,133,078 shares, while 32 institutional investors sold positions of 7,647,743 shares during the same period.

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