Saturday, April 10, 2021

DraftKings Inc. [DKNG] Is Currently 1.87 below its 200 Period Moving Avg: What Dose This Mean?

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DraftKings Inc. [NASDAQ: DKNG] gained 1.87% or 1.17 points to close at $63.80 with a heavy trading volume of 10160561 shares. The company report on April 5, 2021 that DraftKings Acquires BlueRibbon, Tel Aviv-Based Leading Global Jackpot and Gamification Company.

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DraftKings Inc. (Nasdaq: DKNG) announced that it has acquired Blue Ribbon Software Ltd., a Tel Aviv-based leading global jackpot and gamification company (“BlueRibbon”) that provides platform-agnostic, real-time gamification tools that allow for fully customizable jackpot promotions. DraftKings will now be able to enhance the customer experience by integrating BlueRibbon’s unique jackpot functionality, including personalized promotions and rewards tailored to the individual customer or jackpots that pay out across DraftKings’ various product offerings.


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“Integrating BlueRibbon’s proprietary, proven technology will enable DraftKings to create dynamic incentives for our users as they engage with our products,” said Paul Liberman, DraftKings co-founder and President, Global Technology and Product. “The team at BlueRibbon brings technical and gamification expertise and broad industry experience to DraftKings, and we are excited to leverage this technology to further differentiate our product offerings and engage customers in new ways.”.

It opened the trading session at $62.22, the shares rose to $64.55 and dropped to $62.105, the range by which the price of stock traded the whole day. The daily chart for DKNG points out that the company has recorded 0.03% gains over the past six months. However, it is still -420.39% lower than its most recent low trading price.

If we look at the average trading volume of 16.76M shares, DKNG reached to a volume of 10160561 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 $72.71 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.

Goldman have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 23, 2021. While these analysts kept the previous recommendation, The Benchmark Company raised their target price from $69 to $75. The new note on the price target was released on March 10, 2021, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise from $60 to $66, while The Benchmark Company kept a Buy rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 4.41, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 40.27. The Price to Book ratio for the last quarter was 9.19, with the Price to Cash per share for the same quarter was set at 5.43.

Trading performance analysis for DKNG stock

DraftKings Inc. [DKNG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.62. With this latest performance, DKNG shares gained by 7.19% in over the last four-week period, additionally plugging by 0.03% over the last 6 months – not to mention a rise of 420.82% 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 49.41, with the RSI for the last a single of trading hit 48.31, and the three-weeks RSI is set at 50.83 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 62.58, while it was recorded at 62.33 for the last single week of trading, and 48.40 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 4.00 and a Current Ratio set at 4.00.

DraftKings Inc. [DKNG]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, DraftKings Inc. posted -0.24/share EPS, while the average EPS was predicted by analysts to be reported at -0.16/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -50.00%. 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 30.30%.

An analysis of insider ownership at DraftKings Inc. [DKNG]

There are presently around $12,899 million, or 50.90% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: VANGUARD GROUP INC with ownership of 23,505,638, which is approximately 13.244% of the company’s market cap and around 8.20% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 19,386,231 shares of the stock with an approximate value of $1.24 billion in DKNG stocks shares; and RAINE CAPITAL LLC, currently with $1.07 billion in DKNG stock with ownership of nearly -22.898% of the company’s market capitalization.

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484 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 58,134,248 shares. Additionally, 135 investors decreased positions by around 38,116,292 shares, while 38 investors held positions by with 105,929,635 shares. The mentioned changes placed institutional holdings at 202,180,175 shares, according to the latest SEC report filing. DKNG stock had 261 new institutional investments in for a total of 24,547,761 shares, while 62 institutional investors sold positions of 21,018,965 shares during the same period.

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