DraftKings Inc. [NASDAQ: DKNG] closed the trading session at $41.74. The company report on March 7, 2024 at 2:18 PM that DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11.
North Carolina is known for its strong sports culture, housing the majority of the NASCAR industry, professional teams in the NFL, NBA and NHL, as well as several universities competing at the Division-I level. Starting March 11, DraftKings will provide eligible fans in the state several new and responsible ways to get in on the action. DraftKings’ online sportsbook provides a wide variety of betting markets and key offerings such as same-game parlays, in-game betting, special odds boosts and more, on a safe, regulated platform with various customer protections in place, such as deposit and time limits, access to responsible gaming resource materials, cool off and self-exclusion features along with DraftKings’ all new “My Stat Sheet,” an innovative responsible gaming feature that shows customers exactly how much time they’ve spent on DraftKings, and the total amount of deposits they’ve placed on the platform.
The stocks have a year to date performance of 18.41 percent and weekly performance of -4.11 percent. The stock has been moved at 33.91 percent over the last six months. The stock has performed -2.02 percent around the most recent 30 days and changed 15.85 percent over the most recent 3-months.
If compared to the average trading volume of 12.10M shares, DKNG reached to a volume of 10315499 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say 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 $49.74 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 1.56. 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.
Morgan Stanley have made an estimate for DraftKings Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on February 28, 2024. While these analysts kept the previous recommendation, Barclays raised their target price from $41 to $50. The new note on the price target was released on February 23, 2024, representing the official price target for DraftKings Inc. stock. Previously, the target price had yet another raise from $55 to $60, while Oppenheimer kept a Outperform rating on DKNG stock. On February 20, 2024, analysts increased their price target for DKNG shares from 50 to 54.
The Average True Range (ATR) for DraftKings Inc. is set at 1.78, with the Price to Sales ratio for DKNG stock in the period of the last 12 months amounting to 5.39. The Price to Book ratio for the last quarter was 23.48, with the Price to Cash per share for the same quarter was set at 2.71.
DKNG stock trade performance evaluation
DraftKings Inc. [DKNG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.11. With this latest performance, DKNG shares dropped by -2.02% in over the last four-week period, additionally plugging by 33.91% over the last 6 months – not to mention a rise of 113.18% 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 50.58, with the RSI for the last a single of trading hit 47.03, and the three-weeks RSI is set at 52.92 for DraftKings Inc. [DKNG]. The present Moving Average for the last 50 days of trading for this stock 39.28, while it was recorded at 42.69 for the last single week of trading, and 32.50 for the last 200 days.
DraftKings Inc. [DKNG]: An insightful look at the core fundamentals
DraftKings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.34 and a Current Ratio set at 1.34.
Earnings per share (EPS) analysis for DraftKings Inc. [DKNG] stock
With the latest financial reports released by the company, DraftKings Inc. posted -0.87/share EPS, while the average EPS was predicted by analysts to be reported at -0.89/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 2.20%. 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.
DraftKings Inc. [DKNG]: Institutional Ownership
The top three institutional holders of DKNG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in DKNG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in DKNG stock with ownership which is approximately 5.8325%.
