DraftKings Stock Forecast 2023: Will DKNG Rise Above $30?
DraftKings Stock Forecast 2023: DKNG is bullish and the trade recommendation is a Buy for the next trading day. The Average DKNG Stock Prediction for the next 12 months is $13.6
Will DKNG Beat Earnings? Read on for More information.
Latest Stock Price
DKNG Stock vs NASDAQ 100 Performance in 2022
- Last 1 Month: +45.2% (+7.1%)
- Last 6 Months: +1.6% (-8.1%)
- 1 Y: -6.9% (-12.8%)
DraftKings Stock Forecast: Price Prediction for the next 12 months
|Average DKNG Stock Forecast for the next 12 Months||$13.6|
Draftkings Stock Price Prediction for the next 5 years
Draftkings Stock Price Prediction 2023 is $19.6
Draftkings Stock Price Prediction 2024 is $24.2
Draftkings Stock Price Prediction 2025 is $28.5
Draftkings Stock Price Prediction 2026 is $32.9
Draftkings Stock Price Prediction 2027 is $35.5
DraftKings Stock Forecast 2023: Technical Analysis
From trading close to $30 in the first week of January 2022, DKNG stock went close to $10 by mid of May 2022. DKNG attempted to recover on multiple occasions but failed to hold on to the gains. In the mid of August, DKNG was once again above $20 but it retreated once again.
The first month of 2023 has been a better month for not just DKNG stock but for almost all the stock. DraftKings stock is almost up 30% this month. DKNG was trading marginally above $11 by the end of 2022 but now (at the time of writing) DKNG is above $15.
Performance on the last Trading Day
- Open Price: $18.58
- Close Price: $19.04
- Gain/Loss: +2.48%
- Overall Market Cap: $9.21 B
DraftKings stock price has been surging for the last few days. Recently DraftKings reported its Q4 result and the result was very encouraging as the company was able to beat both its Earnings and Revenue targets. However, the surge was short-lived and the stock price retreated.
In the chart below, DKNG fell from a similar level that it was trading back in August 2022. However, this time the bulls have been able to respond quickly and prevent the stock price from falling below $10.
For the next trading day, the support for DKNG is around $17.94. It has been a stable support for DKNG. If in case the stock fall below it, the 50-day MA at around $17.5 will be the immediate support for DKNG.
DKNG currently faces resistance at around $20.50. With the current momentum, DKNG is likely to break above this resistance on the next trading day. The Relative Strength Index for DKNG is above the 14-day MA and it is likely to enter the over-purchased territory as the number of buyers has outnumbered the sellers.
Overall DKNG is bullish. The Stochastic RSI is on the uptrend and it has moved above the 14-day MA. Currently, the Stoch RSI is at 48.94 and it will likely move higher as there is enough space for it to rise before entering the over-brought zone.
The MACD indicator is a sell. The MACD line has moved below the signal line and the volume columns remains within the bearish zone.
- Moving Average: Bullish
- RSI: Uptrend
- Stochastic RSI: Buy
- MACD: Sell
Read: Gold Price Forecast 2023: How High Will Gold Price Go?
DraftKings Stock Forecast 2023: Quarterly Performance
- Q4 revenue: $855 million vs. $798.64 million expected
- The revenue number represents an increase of 81% over the same period in 2021
- Q4 Adjusted EPS: -$0.53 vs. -$0.59 expected
- Q4 Adjusted EBITDA: -$49.9 million vs. -$112.35 million expected
- The company reported $502 million in revenue for the 3rd Quarter, i.e. 136% jump Y-O-Y basis.
- The company reported a net loss of $ 450 million, an improvement in loss observed by 17.3% over Y-O-Y rates.
- Loss in Adjusted EBITDA in Q2 was $118 million whereas in Q3 the loss increased to $264 million.
- Monthly Unique Payers in the 3rd quarter have increased to 1.6 million with average revenue per unique monthly customer being $100 versus a 1.5 million increase in Q2 with ARPMUP being $103.
Overall Performance of DKNG Stock in 2022
- Dec 2022: EPS: Beat 2.66% Revenue: Beat 6.99%
- Sep 2022: EPS: Miss -4.53% Revenue: Beat 14.86%
- Jun 2022 EPS: Beat 27.51% Revenue: Beat 6.47%
- Mar 2022: EPS: Miss -20.55% Revenue: Beat 1.40%
|Net profit margin||-28.38%||-89.75%||-46.57%||-112.10%|
|Net change in cash||-185.18M||23.47M||-297.21M||-392.1M|
|Cash on hand||–||–||–||–|
|Cost of revenue||485.44M||372.69M||312.77M||313.38M|
DKNG Stock Forecast: Market Cap and Trading Volume
|Current Market Cap||$7.8 B||Steady|
|Trading Volume||$9.9 M||Higher|
DKNG Stock Forecast For Today
|1. Market's Wisdom||Partially Positive|
|1a. Market Data||Partially Positive|
|1b. Technical Recommendation||Neutral|
|2. Crowd's Wisdom||Neutral|
|2a. Social Media Buzz||Steady|
|2b. Social Media Sentiment||Neutral|
DraftKings Stock Forecast: Latest News
- The company struggled to process withdrawal requests – Around 2400 complaints were lodged against Draftking, Fanduel, and BetMGM in the past 3 years. The Better Business Bureau (BBB an organization that grades companies based on whether they respond through BBB) has graded Draftkings with B minus whereas Fanduel was graded A minus.
- California voters rejected the idea of legalized sports booking – In order to promote the proposition that could have legalized online sports gambling, DraftKings had flushed out $34 million. The ballot was majorly opposed by Native American tribes that run several casinos in the state. However, Chriss Lynch the head of Gaming & Leisure at Citizens Bank predicts that it could be legalized by 2026.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.