- DraftKings Inc.’s stock has given a return of over 51% in the previous year.
- The quarterly profit margin of the stock has shown an increase.
DraftKings Inc. (NASDAQ: DKNG) is well-known in the sports and online gaming industry. DraftKings has gained prominence in the rapidly growing online gaming market as a leading daily fantasy sports and sports betting provider.
The DKNG stock price is moving in an uptrend, and it is forming a higher high candlestick.
The current trading price of DKNG stock stands at $29.02, marking a notable gain of 3.94% in today’s market session. With a share float of 426.7 million and a market capitalization of $13.4 billion, DraftKings, Inc. (DKNG) holds a significant presence in the market.
Looking into the fundamental aspects of DKNG stock, it becomes evident that the company is delivering a strong performance. In Q2 2023, the gross profit margin reached an impressive $874 million, showcasing a remarkable YoY growth of 137.7%. Furthermore, the company’s revenue surged by 87.7% YoY, reflecting its strong financial health.
Quarterly profit margin percentages are also on an upward trajectory, closely tied to the company’s net income. While the profit margin was -51% in Q1 2023, it substantially improved to -8% in Q2.
DKNG stock is currently hovering near a support level of $32, signaling a potential bullish trend. After hitting a swing low of $10, the stock has experienced an exceptional surge of over 200%. Overall, the stock’s structure appears to be forming a positive pattern, generating a solid return of more than 51% in the last six months and over 93% in the past year.
DraftKings Inc. (DKNG) Stock Price Analysis
DKNG by writer50_tcr on TradingView.com
In the current market session, DraftKings’ (DKNG) stock price on the weekly timeframe is trading above both the 10-day and 200-day EMA levels, signaling a potential strong momentum in the future
The MACD indicator reveals a bullish momentum, with the MACD trending negatively. A green histogram above the MACD indicator suggests an upward trajectory for the stock.
Furthermore, the RSI line is positioned above the SMA line, indicating a positive pattern. This pattern is often seen when there is about to be a potential price rise in the near future.
Conclusion
In conclusion, the DraftKings Inc (DKNG) stock is trending upward. The stock price has risen by more than 50% in the last six months, along with an increase in the company’s revenue. The indicators are also positive for the stock price. Thus, the price is likely to rise in the future.
Technical Levels:
- Support – The current support level of DKNG stock is $26.
- Resistance -The current resistance level of the DKNG is $32.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
