DraftKings Inc.’s recent filing unveils that its insider Robins Jason unloaded Company’s shares for reported $8.18 million on Feb 21 ’24. In the deal valued at $40.89 per share,200,000 shares were sold. As a result of this transaction, Robins Jason now holds 3,195,812 shares worth roughly $151.23 million.
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Then, Dodge R Stanton sold 686,101 shares, generating $29,543,509 in total proceeds. Upon selling the shares at $43.06, the Chief Legal Officer now owns 200,239 shares.
Before that, Robins Jason sold 450,000 shares. DraftKings Inc. shares valued at $19,377,000 were divested by the insider at a price of $43.06 per share. As a result of the transaction, Robins Jason now holds 3,373,637 shares, worth roughly $159.64 million.
Susquehanna reiterated its DraftKings Inc. [DKNG] rating to a Positive in a research note published on March 25, 2024; the price target was $54. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who remained covering the stock and in late February has reiterated a ‘”an Overweight”‘ rating for it. Barclays also remained covering DKNG and has increased its forecast on February 23, 2024 with a “an Overweight” recommendation from previously “an Equal weight” rating. Oppenheimer maintained its rating on February 20, 2024. It rated DKNG as “an Outperform”.
Price Performance Review of DKNG
On Monday, DraftKings Inc. [NASDAQ:DKNG] saw its stock jump 0.25% to $47.32. Over the last five days, the stock has gained 8.73%. DraftKings Inc. shares have risen nearly 34.24% since the year began. Nevertheless, the stocks have risen 170.71% over the past one year. While a 52-week high of $48.90 was reached on 03/21/24, a 52-week low of $17.12 was recorded on 01/04/24. SMA at 50 days reached $41.53, while 200 days put it at $33.59. A total of 7.81 million shares were traded, compared to the trading of 15.3 million shares in the previous session.
Levels Of Support And Resistance For DKNG Stock
The 24-hour chart illustrates a support level at 46.55, which if violated will result in even more drops to 45.77. On the upside, there is a resistance level at 47.87. A further resistance level may holdings at 48.41. The Relative Strength Index (RSI) on the 14-day chart is 67.84, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 3.77, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 18.94%. Stochastics %K at 83.09% indicates the stock is a selling.
How much short interest is there in DraftKings Inc.?
A steep rise in short interest was recorded in DraftKings Inc. stocks on Feb 29, 2024, dropping by -3.11 million shares to a total of 16.7 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 19.81 million shares. There was a decline of -18.62%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.82% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.21.
The most recent change occurred on February 20, 2024 when Needham resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $54.
