Sunday, February 28, 2021

DraftKings Inc. [DKNG] is 10.16% higher this YTD. Is it still time to buy?

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DraftKings Inc. [NASDAQ: DKNG] loss -4.49% or -2.41 points to close at $51.29 with a heavy trading volume of 15991535 shares. The company report on January 20, 2021 that DraftKings Mobile Sportsbook and iGaming to Arrive in Michigan on January 22nd.

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DraftKings Inc. (Nasdaq: DKNG) announced the upcoming launch of its mobile Sportsbook and Casino app for January 22nd. Fans in the Great Lakes State can soon place bets on their favorite leagues and teams through America’s top-rated sportsbook app as well as play a variety of iGaming options such as blackjack, roulette and slots. The launch of DraftKings Sportsbook in Michigan follows an expansive year during which DraftKings broadened its national sportsbook product footprint to include Colorado, Illinois, Iowa and Tennessee. Upon successful launch on Friday, the company will be live with mobile sports betting in 11 states, which is more than any other company in the industry.

It opened the trading session at $53.83, the shares rose to $53.92 and dropped to $50.78, the range by which the price of stock traded the whole day. The daily chart for DKNG points out that the company has recorded 44.85% gains over the past six months. However, it is still -383.87% lower than its most recent low trading price.

If we look at the average trading volume of 21.88M shares, DKNG reached to a volume of 15991535 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 $60.39 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.

Berenberg have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Sell, with their previous recommendation back on January 19, 2021. While these analysts kept the previous recommendation, JP Morgan raised their target price to Neutral. The new note on the price target was released on December 07, 2020, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $52, while UBS analysts kept a Neutral rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 3.02, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 70.30. The Price to Book ratio for the last quarter was 9.16, with the Price to Cash per share for the same quarter was set at 3.49.

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 -4.31. With this latest performance, DKNG shares dropped by -4.67% in over the last four-week period, additionally plugging by 44.85% over the last 6 months – not to mention a rise of 277.97% 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 50.96, with the RSI for the last a single of trading hit 48.59, and the three-weeks RSI is set at 52.02 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 49.22, while it was recorded at 53.59 for the last single week of trading, and 39.09 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 2.90 and a Current Ratio set at 2.90.

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 $9,352 million, or 46.10% 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 $1.06 billion in DKNG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $984.3 million in DKNG stock with ownership of nearly 11.456% of the company’s market capitalization.

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293 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 24,889,550 shares. Additionally, 145 investors decreased positions by around 25,938,267 shares, while 34 investors held positions by with 131,498,939 shares. The mentioned changes placed institutional holdings at 182,326,756 shares, according to the latest SEC report filing. DKNG stock had 164 new institutional investments in for a total of 11,921,839 shares, while 63 institutional investors sold positions of 7,977,152 shares during the same period.

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