Algorithm Predicts +197% Surge in DraftKings (DKNG) Stock Price by 2024

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Algorithm Predicts +197% Surge in DraftKings (DKNG) Stock Price by 2024

 Key takeaways

Draftkings (NASDAQ:DKNG) expected to continue its recent bull trend in both the short and long term after climbing +250% from its macro bottom Analysts have suggested that Draftkings could achieve profitability within two years owing to continued growth in active users and a new cost cutting initiative Algorithm predicts +197% gain for DKNG in the next year, a move that would take the stock to a new all-time high

Draftkings reveals cost-cutting initiative that could help to achieve profitability within two years

Draftkings (NASDAQ:DKNG) stock has risen +0.76% from its previous close to hit the $26.46 price level as analysts eye an imminent surge that could take the online gambling company further up the charts in the near future.

The company recently announced new cost-cutting measures that are designed to protect growth efforts and not diminish them. Nasdaq reported that Draftkings could soon begin reporting operating profits for the first time, which could lead to a major surge in the value of DKNG stock.

DKNG finds itself -65% down from its all-time high in March 2021, but its recent price action indicates that the worst of the bear trend could be over. DKNG surged +250% from under $10 to hit its yearly high of $34.67 in Q1 2023, and it could now be preparing for a swing back towards the top of this range.

Draftkings quarterly earnings showing consistent loss per share

Trader reveals $40 target for DKNG long in the short term

A trader who goes by the username Moorsc0de on TradingView has shared a set-up for DKNG from the current price level. The trader stated:

QUOTE: “DKNG continues to rise on macro pattern and has just exited the Gann box which typically signals extreme volatility up or down. The macro I am seeing shows bullish sentiments and so looks like we shall reach the resistance of the greater macro before pullback.”

From the current price of $26.46, the $40 target would be a +51% gain. Moorsc0de recently posted an update on the set-up that highlighted the $31 resistance level as key, stating that “any price action above $31 should result in an early and strong bullish move.”

Moorsc0de on TradingView shared a DKNG trading set-up

Algorithm predicts 3x gain for DKNG by Q3 2024

A price prediction model has forecasted major bullish action for DKNG over the next 12 months. In total, the algorithm expects DKNG to rise by +197% from the current price, which would take the stock to the $77.90 level.

Previously, DKNG reached its all-time high at $74.52 during March 2021. The recent prediction from the algorithm suggests that DKNG could be preparing for a continuation of its recent bull trend that could see a significant move towards its former high, with the possibility of DKNG breaking through and forming a new peak at $90.

Bottom line: Draftkings expected to compete with market incumbents and turn profitable within two years

Fully-online gambling platforms have gained market share in recent years and this trend is expected to continue. Statista reported that the total online gambling market is expected to reach $114 billion in 2028, which would be close to a 2x gain for the entire market.

Year Users (mm) 2020 0.9 2021 1.5 2022 1.9

Growth in total Draftking users, 2020-2022

Draftkings hit 1.9 million users in 2022, growing +111% in two years. Continued growth in the platform’s user base and fresh cost cutting initiatives are expected to help the company become profitable in the near future, with analysts now suggesting that DKNG stock is undervalued at the current price.

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