Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. DraftKings Inc. shares valued at $8,178,308 were sold by Robins Jason on Feb 21 ’24. At $40.89 per share, Robins Jason sold 200,000 shares. The insider’s holdings dropped to 3,195,812 shares worth approximately $143.75 million following the completion of this transaction.
Also, Dodge R Stanton sold 686,101 shares, netting a total of over 29,543,509 in proceeds. Following the sale of shares at $43.06 each, the insider now holds 200,239 shares.
Before that, Robins Jason had sold 450,000 shares from its account. In a trade valued at $19,377,000, the insider traded DraftKings Inc. shares for $43.06 each. Upon closing the transaction, the insider’s holdings decreased to 450,000 shares, worth approximately $151.75 million.
As published in a research note from Needham on March 27, 2024, DraftKings Inc. [DKNG] has been retained to a Buy and the price target has been revised to $58. Analysts at Mizuho started covering the stock with ‘”a Buy”‘ outlook in a report released in late March. As of March 25, 2024, Susquehanna has reiterated its “Positive” rating for DKNG. Earlier on February 28, 2024, Morgan Stanley resumed its rating. Their recommendation was “an Overweight” for DKNG stock.
Analyzing DKNG Stock Performance
During the last five days, there has been a surge of approximately 0.49%. Over the course of the year, DraftKings Inc. shares have jumped approximately 27.60%. Shares of the company reached a 52-week high of $49.57 on 03/27/24 and a 52-week low of $31.98 on 01/04/24. A 50-day SMA is recorded $43.41, while a 200-day SMA reached $34.72. Nevertheless, trading volume fell to 7.64 million shares from 10.14 million shares the previous day.
Support And Resistance Levels for DraftKings Inc. (DKNG)
According to the 24-hour chart, there is a support level at 44.33, which, if violated, would cause prices to drop to 43.67. In the upper region, resistance lies at 45.78. The next price resistance is at 46.58. RSI (Relative Strength Index) is 51.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.72, which suggests the price will decrease in the coming days. Percent R is at 76.37%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is DraftKings Inc. subject to short interest?
Stocks of DraftKings Inc. saw a sharp steep in short interest on Mar 15, 2024 dropping by -2.21 million shares to 17.48 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 19.69 million shares. A decline of -12.64% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.47 of the overall float, the days-to-cover ratio (short ratio) decline to 1.47.
