DraftKings Inc. [DKNG] Is Currently -2.36 below its 200 Period Moving Avg: What Dose This Mean?

DraftKings Inc. [NASDAQ: DKNG] price plunged by -2.36 percent to reach at -$1.24. The company report on January 24, 2021 that DraftKings Launches Mobile Sports Betting in Virginia.

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Arrival of Top-Rated Digital Sportsbook in Old Dominion Marks Company’s Twelfth State Launch.

DraftKings Inc. (Nasdaq: DKNG) announced the launch of DraftKings Sportsbook in Virginia, marking the 12th state in which the top rated mobile and online sportsbook is available. Customers in Virginia will now be able to place bets on a number of markets across professional and collegiate sports using the DraftKings made-in-America digital sportsbook app.

A sum of 13334692 shares traded at recent session while its average daily volume was at 19.23M shares. DraftKings Inc. shares reached a high of $53.64 and dropped to a low of $49.68 until finishing in the latest session at $51.29.

The one-year DKNG stock forecast points to a potential upside of 15.46. The average equity rating for DKNG stock is currently 2.30, trading closer to a bullish pattern in the stock market.

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 $60.67 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 2.30. 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.

Morgan Stanley have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 20, 2021. While these analysts kept the previous recommendation, Berenberg raised their target price to Sell. The new note on the price target was released on January 19, 2021, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $48, while JP Morgan analysts kept a Neutral rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 2.85, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 70.08. 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 3.50.

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 -4.49. With this latest performance, DKNG shares dropped by -2.12% in over the last four-week period, additionally plugging by 36.59% over the last 6 months – not to mention a rise of 257.17% 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 49.81, with the RSI for the last a single of trading hit 46.79, and the three-weeks RSI is set at 51.25 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 50.09, while it was recorded at 52.37 for the last single week of trading, and 39.88 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 $9,387 million, or 46.20% 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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300 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 25,281,812 shares. Additionally, 143 investors decreased positions by around 25,940,954 shares, while 35 investors held positions by with 131,801,301 shares. The mentioned changes placed institutional holdings at 183,024,067 shares, according to the latest SEC report filing. DKNG stock had 161 new institutional investments in for a total of 11,852,519 shares, while 61 institutional investors sold positions of 7,967,164 shares during the same period.

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