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Why DraftKings Inc. (DKNG) Stock Could See Much Higher Prices Ahead

DraftKings Inc. (NASDAQ: DKNG) is 35.05% higher on its value in year-to-date trading and has touched a low of $11.37 and a high of $74.38 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The DKNG stock was last observed hovering at around $61.33 in the last trading session, with the day’s gains setting it 1.55% off its average median price target of $75.00 for the next 12 months. It is also 40.11% off the consensus price target high of $105.00 offered by 26 analysts, but current levels are -53.37% lower than the price target low of $41.00 for the same period.

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Currently trading at $62.88, the stock is -4.73% and 1.45% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 10.26 million and changing 2.53% at the moment leaves the stock 30.81% off its SMA200. DKNG registered 434.24% gain for a year compared to 6-month gain of 6.87%. The firm has a 50-day simple moving average (SMA 50) of $64.39 and a 200-day simple moving average (SMA200) of $53.76.

The stock witnessed a -4.37% loss in the last 1 month and extending the period to 3 months gives it a 28.46%, and is -4.52% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 6.74% over the week and 7.55% over the month.

DraftKings Inc. (DKNG) has around 2600 employees, a market worth around $24.39B and $614.50M in sales. Distance from 52-week low is 453.03% and -15.46% from its 52-week high. The company has generated returns on investments over the last 12 months (-31.20%).

DraftKings Inc. (DKNG) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for DraftKings Inc. (DKNG) is a “Overweight”. 26 analysts offering their recommendations for the stock have an average rating of 2.20, where 8 rate it as a Hold and 1 think it is a “Overweight”. 16 of the analysts rate the stock as a “Buy”. 1 analysts have rated the stock as a Sell or Underperform.

DraftKings Inc. quarterly earnings per share for the current quarter are estimated at -$0.41 with sales reaching $228.88M over the same period.The EPS is expected to shrink by -668.20% this year, but quarterly earnings will post 66.40% year-over-year. Quarterly sales are estimated to grow 101.80% in year-over-year returns.

DraftKings Inc. (DKNG) Top Institutional Holders

730 institutions hold shares in DraftKings Inc. (DKNG), with 54.95M shares held by insiders accounting for 13.82% while institutional investors hold 60.20% of the company’s shares. The shares outstanding are 388.58M, and float is at 328.37M with Short Float at 6.84%. Institutions hold 51.88% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 23.51 million shares valued at $1.09 billion. The investor’s holdings represent 5.91% of the DKNG Shares outstanding. As of Dec 30, 2020, the second largest holder is Price (T.Rowe) Associates Inc with 19.39 million shares valued at $902.62 million to account for 4.87% of the shares outstanding. The other top investors are Raine Capital Llc which holds 16.74 million shares representing 4.21% and valued at over $779.57 million, while Wellington Management Group, LLP holds 3.70% of the shares totaling 14.72 million with a market value of $685.28 million.

DraftKings Inc. (DKNG) Insider Activity

The most recent transaction is an insider sale by MURRAY STEVEN JOSEPH ,the company’sDirector. SEC filings show that MURRAY STEVEN JOSEPH sold 1,545,924 shares of the company’s common stock on Oct 09 at a price of $50.83 per share for a total of $78.58 million. Following the sale, the insider now owns 5.21 million shares.

DraftKings Inc. disclosed in a document filed with the SEC on Oct 09 that Meckenzie Shalom (Director) sold a total of 6,949,088 shares of the company’s common stock. The trade occurred on Oct 09 and was made at $50.83 per share for $353.22 million. Following the transaction, the insider now directly holds 23.61 million shares of the DKNG stock.

Still, SEC filings show that on Oct 09, Nada Hany M (Director) disposed off 946,712 shares at an average price of $50.83 for $48.12 million. The insider now directly holds 5,364,703 shares of DraftKings Inc. (DKNG).

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