The stock of DraftKings Inc. (NASDAQ:DKNG) is now priced at $35.36 and the shares are -0.96 points down or -2.64% lower compared to its previous closing price of $36.32. The stock had 8.566 million contracts set over the past session. DKNG shares’ daily volume is compared to its average trading volume at 14.665 million shares. However, it has a float of 279 million and although its performance was -1.26% over the week, it’s one to watch. Analysts have given the DKNG stock a yearly average price target of $46.45 per share. It means the stock’s upside potential is 31.36% with the DKNG share price recently placing at $34.85 to $37.34. However, some brokerage firms have priced the stock below the average, including one that has called $35.
The shorts are climbing into the DraftKings Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the DKNG shares have risen. Short interest in the stock represents just 7.87% of its float, but the volume has raised by 408554. The volume of shorted shares rised to 21.936 million from 21.528 million shares over the last two weeks. The average intraday trading volume has been 8 million shares, which means that days to cover moved to roughly 2.742126.
In the last trading session, DraftKings Inc. (NASDAQ:DKNG) dropped by -$0.45 over the week and gained $2.41 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $44.79. The stock recorded its established 52-week high on 06/02/20.
Since 09/20/19, the stock has traded to a low of $9.84 at 259.35%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, DraftKings Inc.’s two-week RSI is 49.74. This suggests that the stock is neutral at the moment and that DKNG shares’ price movement remains stable. The stochastic readings are equally revealing at 58.39% meaning the DKNG share price is currently in neutral territory.
The technical chart shows that the DKNG stock will likely settle at between $36.85 and $38.34 per share. However, if the stock dips below $34.36, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $33.36.
Analysts at Morgan Stanley cut their recommendation for DKNG from Overweight to Equal-Weight in August 28 review while maintai their target price of $37. The Benchmark Company analysts see the stock as a Buy, but they also dropped the share’s target price from $47 to $45 in a flash note released to investors on August 17. The Benchmark Company analysts see the stock as Buy when the analysts initiated the share price coverage on July 31, placing it at $47.
The average rating for the DKNG equity is 1.83 and is currently gathering a bullish momentum. Of 12 analysts tracking DraftKings Inc. polled by Reuters, 2 rated DKNG as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.