DraftKings Inc. [DKNG] Stock trading around $18.60 per share: What’s Next?

DraftKings Inc. [NASDAQ: DKNG] stock went on a downward path that fall over -3.23% on Friday, amounting to a one-week price increase of more than 5.50%. The company report on September 13, 2022 that Amazon Selects DraftKings as a Sponsor and the Exclusive Pregame and In-Game Odds Provider for Thursday Night Football on Prime Video.


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DraftKings to be Featured Across Programming and Provide Digital Content During Thursday Night Football on Prime Video.

DraftKings Inc. (Nasdaq: DKNG) announced today that Amazon (Nasdaq: AMZN) has selected DraftKings as a sponsor for Thursday Night Football (“TNF”) on Prime Video. The multi-year collaboration between DraftKings and Amazon will deliver fans engaging pregame content and unique betting offers every Thursday throughout the NFL season, beginning September 15, 2022.

Over the last 12 months, DKNG stock dropped by -68.98%. The one-year DraftKings Inc. stock forecast points to a potential upside of 29.65. The average equity rating for DKNG stock is currently 2.30, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $8.62 billion, with 437.03 million shares outstanding and 415.79 million shares in the current float. Compared to the average trading volume of 19.68M shares, DKNG stock reached a trading volume of 25957633 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 $26.44 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.

ROTH Capital have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 17, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Equal Weight. The new note on the price target was released on June 29, 2022, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $25, while JMP Securities analysts kept a Mkt Outperform rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 1.10, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 5.49. The Price to Book ratio for the last quarter was 4.60, with the Price to Cash per share for the same quarter was set at 4.19.

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 5.50. With this latest performance, DKNG shares dropped by -9.58% in over the last four-week period, additionally sinking by -2.05% over the last 6 months – not to mention a drop of -68.98% 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 58.60, with the RSI for the last a single of trading hit 60.52, and the three-weeks RSI is set at 57.53 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 16.15, while it was recorded at 18.35 for the last single week of trading, and 18.46 for the last 200 days.

Insight into DraftKings Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and DraftKings Inc. [DKNG] shares currently have an operating margin of -114.62 and a Gross Margin at +38.72. DraftKings Inc.’s Net Margin is presently recorded at -117.53.

Return on Equity for this stock declined to -70.68, with Return on Assets sitting at -40.57.

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.30.

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 -6.80%.

DraftKings Inc. [DKNG] Insider Position Details

There are presently around $4,666 million, or 56.60% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: VANGUARD GROUP INC with ownership of 32,510,261, which is approximately 12.266% of the company’s market cap and around 2.10% of the total institutional ownership; ARK INVESTMENT MANAGEMENT LLC, holding 25,275,813 shares of the stock with an approximate value of $470.13 million in DKNG stocks shares; and BLACKROCK INC., currently with $273.92 million in DKNG stock with ownership of nearly -15.5% of the company’s market capitalization.

Positions in DraftKings Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 224 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 32,317,350 shares. Additionally, 324 investors decreased positions by around 73,333,193 shares, while 111 investors held positions by with 145,192,671 shares. The mentioned changes placed institutional holdings at 250,843,214 shares, according to the latest SEC report filing. DKNG stock had 63 new institutional investments in for a total of 12,904,956 shares, while 138 institutional investors sold positions of 34,146,601 shares during the same period.

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