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DraftKings Inc. (NASDAQ: DKNG): Why Investors Shouldn’t Ditch DKNG Stock In 2024

In the last trading session, 15.5 million DraftKings Inc. (NASDAQ:DKNG) shares changed hands as the company’s beta touched 1.86. With the company’s per share price at $43.61 changed hands at $0.23 or 0.53% during last session, the market valuation stood at $20.33B. DKNG’s last price was a discount, traded about -0.99% off its 52-week high of $44.04. The share price had its 52-week low at $15.56, which suggests the last value was 64.32% up since then. When we look at DraftKings Inc.’s average trading volume, we note the 10-day average is 12.32 million shares, with the 3-month average coming to 1.29.

DraftKings Inc. (NASDAQ:DKNG) trade information

Instantly DKNG was in green as seen at the end of in last trading. With action 3.96%, the performance over the past five days has been green. The jump to weekly highs of 44.04 added 0.53% to the stock’s daily price. The company’s shares are showing year-to-date upside of 23.72%, with the 5-day performance at 3.96% in the green. However, in the 30-day time frame, DraftKings Inc. (NASDAQ:DKNG) is 30.45% up. Looking at the short shares, we see there were 19.81 million shares sold at short interest cover period of 1.59 days.

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DraftKings Inc. (DKNG) estimates and forecasts

Data shows that the DraftKings Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 48.38% over the past 6 months, a 51.27% in annual growth rate that is considerably higher than the industry average of 23.10%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for DraftKings Inc. will rise 115.10%, while the growth in revenue is estimated to hit 62.10% for the next quarter. Year-over-year growth is forecast to reach 64.10% up from the last financial year.

Consensus estimates given by 26 financial analysts project the company’s revenue in the current quarter to hit an average of $1.24 billion. 18 analysts are of the opinion that DraftKings Inc.’s revenue for the quarter ending Mar 2024 will be $1.04 billion. The company’s revenue for the corresponding quarters a year ago was $855.13 million and $769.65 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 45.20%. The estimates for the next quarter sales put growth at 35.00%.

The 2024 estimates are for DraftKings Inc. earnings to increase by 51.61%.

DKNG Dividends

DraftKings Inc. is expected to release its next quarterly earnings report on February 15.

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