Thursday, January 21, 2021

DraftKings Inc. [DKNG] moved up 4.48: Why It’s Important

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DraftKings Inc. [NASDAQ: DKNG] stock went on an upward path that rose over 4.48% on Friday, amounting to a one-week price increase of more than 11.68%. The company report on January 8, 2021 that The Drone Racing League and DraftKings Take Flight with Official Sports Betting Agreement Ahead of Season Finale Races.

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The Drone Racing League (DRL), the global, professional drone racing property, announced a deal with DraftKings Inc. (Nasdaq: DKNG) to make the sports technology and entertainment company an Official Sports Betting Partner of DRL. Upon completion of this deal, DRL drone races became the first aerial sporting event upon which fans can wager. Mobile sports betting on DRL drone races is currently legal in Colorado, New Hampshire, New Jersey, Tennessee and West Virginia with regulatory approvals pending in additional states. DRL’s final drone races of the 2020 DRL Allianz World Championship Season will kick off this Saturday, January 9th at 4:30pm ET on NBC, Twitter and Facebook.

Over the last 12 months, DKNG stock rose by 324.49%. The one-year DraftKings Inc. stock forecast points to a potential upside of 13.15. The average equity rating for DKNG stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $19.50 billion, with 355.90 million shares outstanding and 328.13 million shares in the current float. Compared to the average trading volume of 23.44M shares, DKNG stock reached a trading volume of 18193481 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 $59.87 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.

JP Morgan have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 07, 2020. While these analysts kept the previous recommendation, UBS raised their target price to Neutral. The new note on the price target was released on November 24, 2020, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $58, while Piper Sandler analysts kept a Overweight rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 2.96, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 66.70. The Price to Book ratio for the last quarter was 9.29, with the Price to Cash per share for the same quarter was set at 3.73.

DKNG Stock Performance Analysis:

DraftKings Inc. [DKNG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 11.68. With this latest performance, DKNG shares gained by 2.26% in over the last four-week period, additionally plugging by 60.35% over the last 6 months – not to mention a rise of 324.49% 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 56.30, with the RSI for the last a single of trading hit 59.03, and the three-weeks RSI is set at 55.25 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 47.26, while it was recorded at 48.64 for the last single week of trading, and 37.85 for the last 200 days.

Insight into DraftKings Inc. Fundamentals:

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.90 and a Current Ratio set at 2.90.

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 $9,480 million, or 45.90% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: RAINE CAPITAL LLC with ownership of 21,715,872, which is approximately 0% of the company’s market cap and around 8.40% of the total institutional ownership; VANGUARD GROUP INC, holding 20,756,583 shares of the stock with an approximate value of $1.08 billion in DKNG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $997.92 million in DKNG stock with ownership of nearly 11.456% of the company’s market capitalization.

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286 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 25,207,530 shares. Additionally, 148 investors decreased positions by around 25,820,550 shares, while 30 investors held positions by with 131,276,969 shares. The mentioned changes placed institutional holdings at 182,305,049 shares, according to the latest SEC report filing. DKNG stock had 165 new institutional investments in for a total of 11,850,276 shares, while 64 institutional investors sold positions of 8,005,376 shares during the same period.

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