Market cap of DraftKings Inc. [DKNG] reaches 6.56B – now what?

DraftKings Inc. [NASDAQ: DKNG] price plunged by -4.45 percent to reach at -$0.65. The company report on November 29, 2022 that Churchill Downs Incorporated and DraftKings Inc. Enter Agreement to Develop and Launch DK HORSE.


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DK HORSE Will Give DraftKings’ Customers the Ability to Bet on Horse Racing.

A sum of 10878018 shares traded at recent session while its average daily volume was at 20.52M shares. DraftKings Inc. shares reached a high of $14.745 and dropped to a low of $13.875 until finishing in the latest session at $13.96.

The one-year DKNG stock forecast points to a potential upside of 32.88. The average equity rating for DKNG stock is currently 2.40, 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 $20.80 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 2.40. 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.

JP Morgan have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on November 28, 2022. While these analysts kept the previous recommendation, Piper Sandler raised their target price to Overweight. The new note on the price target was released on November 18, 2022, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise to $19, while Redburn analysts kept a Neutral rating on DKNG stock.

The Average True Range (ATR) for DraftKings Inc. is set at 1.03, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 3.53. The Price to Book ratio for the last quarter was 4.36, with the Price to Cash per share for the same quarter was set at 4.18.

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 -9.88. With this latest performance, DKNG shares gained by 19.73% in over the last four-week period, additionally plugging by 6.56% over the last 6 months – not to mention a drop of -55.61% 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 45.74, with the RSI for the last a single of trading hit 42.82, and the three-weeks RSI is set at 46.89 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 14.45, while it was recorded at 14.30 for the last single week of trading, and 15.40 for the last 200 days.

Insight into DraftKings Inc. Fundamentals:

DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.70 and a Current Ratio set at 1.70.

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 $3,648 million, or 58.20% of DKNG stock, in the hands of institutional investors. The top three institutional holders of DKNG stocks are: VANGUARD GROUP INC with ownership of 34,631,603, which is approximately 6.525% of the company’s market cap and around 2.10% of the total institutional ownership; ARK INVESTMENT MANAGEMENT LLC, holding 24,707,394 shares of the stock with an approximate value of $344.92 million in DKNG stocks shares; and BLACKROCK INC., currently with $201.87 million in DKNG stock with ownership of nearly -1.808% of the company’s market capitalization.

214 institutional holders increased their position in DraftKings Inc. [NASDAQ:DKNG] by around 44,253,091 shares. Additionally, 240 investors decreased positions by around 32,626,018 shares, while 139 investors held positions by with 184,420,323 shares. The mentioned changes placed institutional holdings at 261,299,432 shares, according to the latest SEC report filing. DKNG stock had 83 new institutional investments in for a total of 22,006,989 shares, while 71 institutional investors sold positions of 7,086,785 shares during the same period.

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