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In the ever-evolving landscape of online sports betting and gaming, Draftkings Inc. (DKNG) stands out as a prominent player with its innovative platform that allows users to engage in sports betting, and iGaming.
Since it first appeared publicly, Draftkings has experienced ups and downs in the stock market, attracting the interest of investors and those who watch the market. With its aggressive expansion and strategic partnerships, the company continually seeks to redefine the digital sports entertainment and gaming industry.
But what does the future hold for Draftkings stock? Are (DKNG) Draftkings stock forecast prices expected to go up or down? Most analysts lean towards a bullish outlook, buoyed by the growing acceptance of online betting and Draftkings’ robust business model. In this article, we’ll delve into the technical and fundamental aspects driving Draftkings’ valuation, providing you with a well-rounded forecast to navigate the potential highs and lows of this dynamic stock.
The article covers the following subjects:
Main takeaways: (DKNG) Draftkings stock Forecast 2024-2029
- Year-End Price 2024: Approximately $27.65
- Price for 2025: Range: $14 to over $30
- Long-Term Price 2027-2030: Continued volatility,, initial rise in 2027 before decline, downward trend through 2028.
(DKNG) Draftkings stock Forecast Today Coming Days and Week
When analyzing the price of Draftkings Inc. (ticker: #DKNG) for the short term, consider these technical analysis tools:
- Moving Averages: Utilize short-term moving averages, such as the 5-day and 10-day, to determine the current trend direction. Look for crossovers of these averages as potential indicators for buying or selling opportunities.
- Relative Strength Index (RSI): The RSI helps identify overbought (above 70) or oversold (below 30) conditions, suggesting potential reversal points in the stock’s price movement.
- MACD (Moving Average Convergence Divergence): Observe the MACD for shifts in momentum, especially when the MACD line crosses above or below the signal line, indicating potential trading opportunities.
- Bollinger Bands: These bands can offer insights into market volatility. When the price touches or breaches the bands, it might indicate an overextended market condition, potentially leading to a reversal.
- Volume Analysis: Analyze trading volume to confirm the strength behind price movements. An increase in volume alongside price movements indicates strong market interest.
- Candlestick Patterns: Look for specific candlestick patterns (e.g., hammers, engulfing patterns, dojis) that may suggest short-term price movements and trader sentiment.
- Support and Resistance Levels: Identify key support and resistance levels through recent price highs and lows. These levels can act as barriers or targets for the stock’s price movements.
When forecasting the weekly price of Draftkings Inc. (DKNG) shares, consider these crucial factors:
- Market Trends: Assess broader market trends, especially those impacting the sports betting and online gaming industries, as sector-specific developments can significantly influence Draftkings’ stock performance.
- Company News: Stay informed about any recent Draftkings announcements, such as partnerships, regulatory updates, or expansion plans, which can directly affect investor sentiment and stock prices.
- Earnings Reports: Pay close attention to Draftkings’ earnings releases and financial updates. Performance indicators and future outlook provided in these reports can lead to substantial price movements.
- Regulatory Environment: Monitor changes in the legal and regulatory landscape for online sports betting and gaming in key markets, as these can impact Draftkings’ operational capabilities and market potential.
- Investor Sentiment: Gauge overall investor sentiment towards Draftkings by reviewing analyst ratings, media coverage, and investment research reports, which can provide insights into potential stock movements.
- Competitive Landscape: Consider the competitive dynamics within the online betting and gaming industry, including moves by competitors that could affect Draftkings’ market share and growth prospects.
By taking these factors into account, you can gain a more comprehensive view of the potential price movement of Draftkings shares over the coming week.
Analysts’ (DKNG) Draftkings stock Projections for 2024
Let’s dive deeper into experts’ predictions for #DKNG stock price change this year.
Gov.Capital (DKNG) Draftkings stock Forecast for 2024
Gov Capital forecasts a future price for Draftkings Inc. – Class A (DKNG) stock at around $28.3951. This represents a decrease of about -16.706% from the price level of $33.65, suggesting a bearish outlook for the stock in the upcoming year.
LongForecast (DKNG) Draftkings stock Forecast for 2024
According to The Economy Forecast Agency, in 2024, Draftkings stock will experience notable fluctuations. Starting at $35.25 in January, it will dip to $28.38 by April, indicating a downward trend. However, a gradual recovery begins in May, leading to a steady rise. By year-end, the stock will surge to around $50.45, marking a significant increase from the beginning of the year.
| Month | Open | Low-High | Close | Total,% |
|---|---|---|---|---|
| Mar | 28.31 | 23.54-28.31 | 25.59 | -27.4% |
| Apr | 25.59 | 25.59-31.78 | 29.43 | -16.5% |
| May | 29.43 | 25.04-29.43 | 27.22 | -22.8% |
| Jun | 27.22 | 25.09-29.45 | 27.27 | -22.6% |
| Jul | 27.27 | 25.47-29.89 | 27.68 | -21.5% |
| Aug | 27.68 | 27.68-34.38 | 31.83 | -9.7% |
| Sep | 31.83 | 31.83-37.39 | 34.62 | -1.8% |
| Oct | 34.62 | 34.43-40.41 | 37.42 | 6.2% |
| Nov | 37.42 | 37.42-46.47 | 43.03 | 22.1% |
| Dec | 43.03 | 41.83-49.11 | 45.47 | 29.0% |
Draftkings Stock Technical Analysis
Let’s look at the daily chart of DraftKings shares to understand how the asset’s price has changed in the past.
At the end of January 2024, #DKNG exceeded the November 2023 high of 39.15. The price was able to consolidate above this level, confirming the long-term uptrend. On February 16, the price reached a high of 45.54, after which it went into a downward correction. Currently, the price is trading in a correction and is approaching a potential support level of 39.15.
It should also be noted that the price is trading above EMA21 and EMA190, indicating a short-term uptrend and a long-term uptrend. Let’s analyze the instrument using the RSI and Bulls Power indicators.
The Bulls Power indicator is above 0 and shows bullish prevalence in the market. However, keep in mind that as a downward correction develops, the indicator readings will enter the negative zone. Therefore, to make purchases, wait for the indicator value to recover above the zero level. RSI is in the neutral zone, which allows traders to consider both purchases and sales of the instrument.
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#DKNG stock price analysis for 3 months
To make a forecast for 3 months, let’s use the Ichimoku indicator. The most suitable timeframe for analysis is daily.
The chart shows that the current price level is between the Tenkan and Kijun lines. The price is trading above the green cloud. This indicates buyer dominance in the market and a high probability of the uptrend continuing in the long term.
To open new purchases, wait for a test of the nearest support level of 39.15. If it is held, and then a Price Action pattern is formed near this level, open a long trade with a target of 45.15. It may take about 1.5 months for the price to reach this target.
If the support level of 39.15 is broken out downside, the correction will continue to 35.66. This level coincides with the borders of the Ichimoku cloud, so traders can consider purchases there. This level serves as the trend’s border, so a reaction from buyers should be expected there. Purchasing targets are 40.38 and 45.15. It may take about 3 months for the price to reach the level of 45.15.
An alternative scenario implies a breakout of the level of 35.66 and price consolidation below. In this case, the long-term trend will reverse down, so traders can count on sales down to the level of 32.08.
Long-term DraftKings stock price analysis for 2024
It is reasonable to start the long-term analysis by studying fundamental data. On February 16, the company’s annual report was published. It stated that the number of unique paying customers at DraftKings rose to an average of 37% YoY. The company raised its revenue forecast for fiscal 2024 from a range of $4.50–4.80 billion to $4.65–4.90 billion, representing growth of 27% to 34% YoY. The company showed good financial results last year. According to forecasts, DraftKings’ shares will continue to grow in 2024.
Let’s conduct a technical analysis of #DKNG for 2024 using the Ichimoku indicator in the weekly chart. To determine the exact targets, let’s place support and resistance levels along with Fibonacci lines.
The chart shows that the price crossed the descending cloud from bottom to top in the summer of 2023. After this, growth continued, and a rising cloud began to form. Now, the price is trading significantly higher. The Tenkan and Kijun lines are directed upwards. These factors indicate that buyers’ positions are quite confident. Price growth is likely to continue this year. Therefore, buy securities on correction at strong support levels.
Now, let’s add Fibonacci levels to the last upward impulse and mark key support and resistance levels.
The nearest support level is at 39.15. At this level, traders can consider a long trade with a target of 45.15. The next support level is at 31.97. Even lower, key support stands out at the level of 26.28. The key support is in the Ichimoku cloud, which makes the level stronger.
If the price consolidates above 45.15, the next growth target will be the resistance level of 50.70. The maximum possible growth target is September 2021 high of 64.08.
| Month | DraftKings stock price forecast Inc. (#DKNG) | |
|---|---|---|
| Minimum, $ | Maximum, $ | |
| March 2024 | 35.50 | 50.00 |
| April 2024 | 42.40 | 51.00 |
| May 2024 | 39.15 | 47.00 |
| June 2024 | 31.97 | 39.15 |
| July 2024 | 38.00 | 45.15 |
| August 2024 | 42.40 | 50.70 |
| September 2024 | 45.15 | 55.00 |
| October 2024 | 45.15 | 55.00 |
| November 2024 | 50.00 | 58.90 |
| December 2024 | 57.50 | 65.50 |
Long-term trading plan for DraftKings Inc. (#DKNG)
Considering the company’s fundamentals and technical analysis, DraftKings stock looks like a good buy. In 2024, the company shows good development indicators, and the US Federal Reserve intends to reduce interest rates.
- The daily chart shows that the pair is trading in a long-term uptrend. The nearest support is in the zone of 39.15. It is profitable for traders to consider purchases with a target of 45.54 at the abovementioned support in March.
- The price is trading above the rising Ichimoku cloud in the daily timeframe. If the price breaks out the support level of 39.15 downwards, a deep correction will begin with a target at the level of 35.66. Level 35.66 serves as a key support level for the long-term trend. At the aforementioned level you can enter a purchase with a target of 45.15 with an implementation period of three months.
- In the weekly chart, the price is trading above the Tenkan and Kijun lines and the cloud, which indicates a high probability of continued growth. Consider purchases at strong supports of 39.15, 31.97 and 26.28 with targets at the levels of 45.15, 50.70 and 64.08.
- An alternative scenario implies a breakout of the level of 35.66 downwards and the price consolidation below. In this case, the long-term trend will reverse down. The sales down to the level of 32.08 will become possible with an implementation period of one quarter.
(DKNG) Draftkings stock Forecast for 2025
Let’s take a look at expert forecasts for the DKNG rate in 2025.
Gov.Capital (DKNG) Draftkings stock Forecast for 2025
Gov Capital‘s 2025 forecast for Draftkings reflects significant volatility, with daily stock prices fluctuating widely throughout the year. The prices show a range from as low as $6 to highs around $30, indicating a potentially tumultuous market environment.
LongForecast (DKNG) Draftkings stock Forecast for 2025
According to LongForecast, in 2025, Draftkings stock will showcase a dynamic trajectory. The year begins with a strong surge, climbing from $50.45 in January to a peak of $90.98 in August, marking a significant growth. However, following this peak, there’s a notable reversal in trend, with the stock declining to $66.54 in November and further down to $56.56 by December, ending the year with a moderate gain from its starting price.
| Month | Open | Low-High | Close | Total,% |
|---|---|---|---|---|
| Jan | 45.47 | 45.47-54.59 | 50.55 | 43.4% |
| Feb | 50.55 | 50.55-62.78 | 58.13 | 64.9% |
| Mar | 58.13 | 55.49-65.13 | 60.31 | 71.1% |
| Apr | 60.31 | 56.27-66.05 | 61.16 | 73.5% |
| May | 61.16 | 61.13-71.77 | 66.45 | 88.5% |
| Jun | 66.45 | 58.00-68.08 | 63.04 | 78.8% |
| Jul | 63.04 | 63.04-77.01 | 71.31 | 102% |
| Aug | 71.31 | 71.31-88.57 | 82.01 | 133% |
| Sep | 82.01 | 65.73-82.01 | 71.45 | 103% |
| Oct | 71.45 | 64.92-76.20 | 70.56 | 100% |
| Nov | 70.56 | 55.18-70.56 | 59.98 | 70.2% |
| Dec | 59.98 | 46.90-59.98 | 50.98 | 44.6% |
Long-Term (DKNG) Draftkings stock Forecast for 2026
Let’s take a look at expert forecasts for the DKNG rate in 2026.
Gov.Capital (DKNG) Draftkings stock Forecast for 2026
Gov Capital‘s 2026 forecast suggests a challenging year for Draftkings with stock prices showing significant depreciation. The forecast starts the year with prices in the range of $5 to $6 and sees drastic variations throughout, spiking to mid-$20s at times.
LongForecast (DKNG) Draftkings stock Forecast for 2026
According to Long Forecast, in 2026, Draftkings stock will experience a year of contrasts. Beginning at $56.56 in January, it faces a sharp decline, reaching a low of $37.21 by April. However, a gradual recovery starts in May, with the stock climbing back up, reaching $42.79 in June. The latter half of the year sees further improvement, with the stock steadily rising to $57.42 by December, indicating a resilient comeback from its mid-year lows.
| Month | Open | Low-High | Close | Total,% |
|---|---|---|---|---|
| Jan | 50.98 | 46.59-54.69 | 50.64 | 43.7% |
| Feb | 50.64 | 40.16-50.64 | 43.65 | 23.8% |
| Mar | 43.65 | 34.13-43.65 | 37.10 | 5.2% |
| Apr | 37.10 | 30.85-37.10 | 33.53 | -4.9% |
| May | 33.53 | 33.53-41.64 | 38.56 | 9.4% |
| Jun | 38.56 | 32.82-38.56 | 35.67 | 1.2% |
| Jul | 35.67 | 32.60-38.26 | 35.43 | 0.5% |
| Aug | 35.43 | 30.63-35.95 | 33.29 | -5.6% |
| Sep | 33.29 | 33.29-41.34 | 38.28 | 8.6% |
| Oct | 38.28 | 38.28-44.96 | 41.63 | 18.1% |
| Nov | 41.63 | 41.40-48.60 | 45.00 | 27.7% |
| Dec | 45.00 | 45.00-55.89 | 51.75 | 46.8% |
Long-Term (DKNG) Draftkings stock Forecast for 2027-2030
Let’s take a look at expert forecasts for the DKNG rate in 2027–2030.
Gov.Capital (DKNG) Draftkings stock Forecast for 2027–2028
Gov Capital predicts the DKNG share price will be between $1.121-$38 in 2027. The model forecasts the stock price will continue a downward trend through 2027-2028.
LongForecast (DKNG) Draftkings stock Forecast for 2027–2028
LongForecast predicts the price of DKNG stock will range from $55.83-81.45 in 2027 and $47.38-61.00– in the first two months of 2028.
| Year | Name of the Agency | Min Price,$ | Max Price,$ |
|---|---|---|---|
| 2027 | Gov Capital | 1.12 | 38 |
| 2027 | LongForecast | 55.83 | 90.07 |
| 2028 | Gov Capital | 0.6171 | 1.3869 |
| 2028 | LongForecast | 47.38 | 61.00 |
Recent Price History of the (DKNG) Draftkings stock
In 2021, Draftkings’ stock experienced significant fluctuations. Starting around $51.34 in January, it saw various ups and downs throughout the year, reaching highs around $62.63 in April but declining towards the end of the year to about $28.40 in December.
Moving into 2022, the volatility continued. The stock began the year at a lower point, around $24.41 in January, reflecting the broader market uncertainties and specific Challenges within the gaming sector. It saw a downward trend for most of the year, with notable dips and occasional recoveries, ending around $12.92 in July.
As for 2023, Draftkings’ stock has shown signs of recovery. Starting the year at approximately $11.48 in January, it has gradually increased over the months. The stock price has been hovering around $33.18 recently, indicating a positive outlook and recovery from the previous lows.
Which Factors Impact (DKNG) Draftkings Stock Forecast?
Here’s, the brief overview of factor that should be kept in mind while trading #DKNG:
- Firstly, regulatory changes are a significant factor. As Draftkings operates in the online betting and gaming industry, any changes in legal frameworks across different states or countries can significantly impact the stock price.
- Secondly, the company’s financial health and quarterly earnings reports are vital. As investors digest these reports, significant variances from expected earnings can lead to volatility in the stock price.
- Market competition and partnerships also play a crucial role. As Draftkings vies for market share against other betting and gaming platforms, strategic partnerships or losses can sway investor sentiment, impacting the stock forecast.
- Technological advancements and platform enhancements can lead to positive revisions in the Draftkings stock forecast, as they improve user experience and potentially increase the user base.
- Lastly, broader market trends and economic conditions, including interest rates, inflation, and consumer spending habits, can influence the stock price.
Is It Worth Investing in Draftkings Stock?
Draftkings (DKNG) offers a challenging yet potentially rewarding investment landscape in the rapidly growing online sports betting and gaming market. As a leader in this dynamic field, driven by innovative strategies and market expansion, it attracts bullish sentiments from analysts. However, the stock is marked by significant volatility, influenced by the unpredictable market, regulatory shifts, and intense competition. While forecasts indicate fluctuating prices, the stock’s speculative nature is evident. For investors, Draftkings represents an opportunity in digital entertainment and gaming, but it demands risk tolerance, diligent research, and adaptability to market changes. It’s a speculative investment, ideal for those prepared to navigate its inherent risks and capitalize on its growth potential.
(DKNG) Draftkings stock Forecast FAQs
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
