DraftKings Inc. [DKNG] Is Currently -27.82 below its 200 Period Moving Avg: What Does This Mean?

DraftKings Inc. [NASDAQ: DKNG] stock went on a downward path that fall over -27.82% on Friday, amounting to a one-week price decrease of less than -25.20%. The company report on November 4, 2022 that DraftKings Reports YoY Third Quarter Revenue Increase of 136% to $502 million; Raises 2022 Revenue Guidance and Improves 2022 Adjusted EBITDA Guidance; Introduces 2023 Revenue and Adjusted EBITDA Guidance.


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Adjusted EBITDA Improves Significantly Compared to Third Quarter of 2021.

Over the last 12 months, DKNG stock dropped by -74.69%. The one-year DraftKings Inc. stock forecast points to a potential upside of 51.33. 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 $4.87 billion, with 437.03 million shares outstanding and 434.50 million shares in the current float. Compared to the average trading volume of 21.15M shares, DKNG stock reached a trading volume of 78611389 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 $23.24 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 1.30, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 3.10. The Price to Book ratio for the last quarter was 2.80, with the Price to Cash per share for the same quarter was set at 4.50.

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 -25.20. With this latest performance, DKNG shares dropped by -29.49% in over the last four-week period, additionally sinking by -13.99% over the last 6 months – not to mention a drop of -74.69% 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 33.36, with the RSI for the last a single of trading hit 28.12, and the three-weeks RSI is set at 36.85 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 15.54, while it was recorded at 15.03 for the last single week of trading, and 16.23 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 $2,775 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 $279.44 million in DKNG stocks shares; and BLACKROCK INC., currently with $166.56 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 208 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 25,861,349 shares. Additionally, 286 investors decreased positions by around 63,744,063 shares, while 131 investors held positions by with 155,719,288 shares. The mentioned changes placed institutional holdings at 245,324,700 shares, according to the latest SEC report filing. DKNG stock had 71 new institutional investments in for a total of 11,761,018 shares, while 116 institutional investors sold positions of 25,994,833 shares during the same period.

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