Redburn slashes price target on DraftKings Inc. [DKNG] – find out why.

DraftKings Inc. [NASDAQ: DKNG] gained 3.42% or 0.5 points to close at $15.12 with a heavy trading volume of 13616279 shares. The company report on October 20, 2022 that Deadfellaz and DraftKings Announce First-of-its-Kind Collaboration Ahead of Halloween Weekend.


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It opened the trading session at $14.74, the shares rose to $15.17 and dropped to $14.46, the range by which the price of stock traded the whole day. The daily chart for DKNG points out that the company has recorded 10.53% gains over the past six months. However, it is still -54.76% lower than its most recent low trading price.

If we look at the average trading volume of 20.90M shares, DKNG reached to a volume of 13616279 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 $25.33 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.

Redburn have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 12, 2022. While these analysts kept the previous recommendation, Exane BNP Paribas raised their target price to Underperform. The new note on the price target was released on October 06, 2022, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise from $18 to $25, while ROTH Capital kept a Buy rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 1.05, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 4.18. The Price to Book ratio for the last quarter was 3.74, with the Price to Cash per share for the same quarter was set at 4.47.

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 14.46. With this latest performance, DKNG shares dropped by -1.37% in over the last four-week period, additionally plugging by 10.53% over the last 6 months – not to mention a drop of -67.95% 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 53.38, with the RSI for the last a single of trading hit 60.77, and the three-weeks RSI is set at 50.66 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 15.78, while it was recorded at 14.30 for the last single week of trading, and 16.41 for the last 200 days.

DraftKings Inc. [DKNG]: A deeper dive into fundamental analysis

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.

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 -6.80%.

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

There are presently around $3,729 million, or 56.50% 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 2.00% of the total institutional ownership; ARK INVESTMENT MANAGEMENT LLC, holding 24,707,394 shares of the stock with an approximate value of $373.58 million in DKNG stocks shares; and BLACKROCK INC., currently with $222.67 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 November and at the time of the November reporting period, where 213 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 26,563,438 shares. Additionally, 294 investors decreased positions by around 63,680,234 shares, while 124 investors held positions by with 156,360,859 shares. The mentioned changes placed institutional holdings at 246,604,531 shares, according to the latest SEC report filing. DKNG stock had 68 new institutional investments in for a total of 12,097,332 shares, while 120 institutional investors sold positions of 25,957,521 shares during the same period.

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