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Risk-Tolerant Investors Should Take A Chance On DraftKings Inc. (NASDAQ: DKNG)

During the recent session, DraftKings Inc. (NASDAQ:DKNG)’s traded shares were 1.74 million, with the beta value of the company hitting 1.77. At the last check today, the stock’s price was $23.78, reflecting an intraday gain of 0.38% or $0.09. The 52-week high for the DKNG share is $26.41, that puts it down -11.06 from that peak though still a striking 55.76% gain since the share price plummeted to a 52-week low of $10.52. The company’s market capitalization is $10.88B, and the average intraday trading volume over the past 10 days was 14.48 million shares, and the average trade volume was 11.69 million shares over the past three months.

DraftKings Inc. (DKNG) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.30. DKNG has a Sell rating from 2 analyst(s) out of 34 analysts who have looked at this stock. 13 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 19 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.28.

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DraftKings Inc. (NASDAQ:DKNG) trade information

DraftKings Inc. (DKNG) registered a 0.38% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 0.38% in intraday trading to $23.78 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -1.37%, and it has moved by 13.51% in 30 days. Based on these gigs, the overall price performance for the year is 68.29%. The short interest in DraftKings Inc. (NASDAQ:DKNG) is 30.23 million shares and it means that shorts have 2.26 day(s) to cover.

The consensus price target of analysts on Wall Street is $27.42, which implies an increase of 13.27% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $17.00 and $39.00 respectively. As a result, DKNG is trading at a discount of -64.0% off the target high and 28.51% off the low.

DraftKings Inc. (DKNG) estimates and forecasts

Statistics show that DraftKings Inc. has outperformed its competitors in share price, compared to the industry in which it operates. DraftKings Inc. (DKNG) shares have gone up 55.02% during the last six months, with a year-to-date growth rate more than the industry average at 40.51% against 5.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 44.00% this quarter and then jump 24.00% in the quarter after that. In the rating firms’ projections, revenue will increase 42.60% compared to the previous financial year.

Revenue for the current quarter is expected to be $709.69 million as predicted by 26 analyst(s). Meanwhile, a consensus of 26 analyst(s) estimates revenue growth to $632.69 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $466.19 million and $437.23 million respectively. In this case, analysts expect current quarter sales to grow by 52.20% and then jump by 44.70% in the coming quarter.

While earnings are projected to return 16.60% in 2023, the next five years will return 38.10% per annum.

DKNG Dividends

DraftKings Inc. is due to release its next quarterly earnings between February 16 and February 20. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

DraftKings Inc. (NASDAQ:DKNG)’s Major holders

DraftKings Inc. insiders own 5.37% of total outstanding shares while institutional holders control 56.12%, with the float percentage being 59.31%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 612 institutions own stock in it. As of Mar 30, 2023, the company held over 36.03 million shares (or 7.80% of all shares), a total value of $863.08 million in shares.

The next largest institutional holding, with 23.93 million shares, is of ARK Investment Management, LLC’s that is approximately 5.18% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $573.29 million.

Also, the Mutual Funds coming in first place with the largest holdings of DraftKings Inc. (DKNG) shares are ARK ETF Tr-ARK Innovation ETF and Vanguard Total Stock Market Index Fund. Data provided on Mar 30, 2023 indicates that ARK ETF Tr-ARK Innovation ETF owns about 16.23 million shares. This amounts to just over 3.51 percent of the company’s overall shares, with a $388.7 million market value. The same data shows that the other fund manager holds slightly less at 11.61 million, or about 2.51% of the stock, which is worth about $278.05 million.

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