DraftKings Inc. (NASDAQ:DKNG) shares, rose in value, with the stock price up by 4.03% to the previous day’s close as strong demand from buyers drove the stock to $47.20.
Actively observing the price movement in the last trading, the stock closed the session at $45.37. The value of beta (5-year monthly) was 1.86. Referring to stock’s 52-week performance, its high was $49.57, and the low was $17.42. On the whole, DKNG has fluctuated by 13.38% over the past month.
With the market capitalization of DraftKings Inc. currently standing at about $22.35 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 02, 2024 – May 06, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.28, which is expected to increase to $0.18 for fiscal year -$0.14 and then to about $0.79 by fiscal year 2025. Data indicates that the EPS growth is expected to be 91.90% in 2025, while the next year’s EPS growth is forecast to be 664.30%.
Analysts have estimated the company’s revenue for the quarter at $1.11 billion, with a low estimate of $1.07 billion and a high estimate of $1.16 billion. According to the average forecast, sales growth in current quarter could jump up 44.90%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $4.8 billion, representing an increase of 31.10% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that DKNG’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of DKNG currently trading nearly 6.11% and 10.14% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 61.88, while the 7-day volatility ratio is showing 3.83% which for the 30-day chart, stands at 4.08%. Furthermore, DraftKings Inc. (DKNG)’s beta value is 1.85, and its average true range (ATR) is 1.93.
A comparison of DraftKings Inc. (DKNG) with its peers suggests the former has fared considerably weaker in the market. DKNG showed an intraday change of 4.03% in last session, and over the past year, it grew by 147.38%%.
Data on historical trading for DraftKings Inc. (NASDAQ:DKNG) indicates that the trading volumes over the past 10 days have averaged 12.88 million and over the past 3 months, they’ve averaged 12.28 million. According to company’s latest data on outstanding shares, there are 472.70 million shares outstanding.
Nearly 4.31% of DraftKings Inc.’s shares belong to company insiders and institutional investors own 67.91% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 17.48 million shares as on Mar 15, 2024, resulting in a short ratio of 1.47. According to the data, the short interest in DraftKings Inc. (DKNG) stood at 3.68% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 19.69 million. The stock has risen by 33.90% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the DKNG stock heading into the next quarter.
