Read up on DraftKings Inc., Amazon, Nike as they approach key price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US declined as Nasdaq was down 0.66% before closing the session at 11,379. After dropping 0.47%, S&P 500 closed at 3,951.39.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Let's review some consumer_cyclical stocks and their price targets.
DraftKings's price target: $18 | Last close: $18.32 | Daily range: $18.2 – $19 | Off hours: $18.34
DraftKings Inc. is eyeing the $18 support line.
After a 4 day of trading sideways yesterday's session suggests a further slow down: pronounced bearish sentiment in the market pushed the fantasy sports contest and sports betting operator into a notable 2.86% slide yesterday, falling 54 cents and ultimately closing at $18.32. Yesterday's trading volume was 8.48 million shares which is below the 21-day average of 18.57 million.
Amazon's price target: $90.95 | Last close: $92.17 | Daily range: $91.59 – $94.68 | Off hours: $92.06
Amazon shed 2.19%, falling to $92.17. Yesterday's 2.19% loss extends a 10 day bearish run in which Amazon had already lost $6.93 from its share value. The day's trading volume totalled 49.96 million shares — slightly under the 21-day average of 70.43 million.
The tech and retail multifaceted giant reached a significant high of $169.31 around 11 months ago but has lost 44.35% since then. Amazon is currently trading with a market cap of $944.49 billion with an average daily volume of 70.43 million shares. So far this year, it has been under-performing the Nasdaq by 1.43%. $149.20 billion was Amazon's last reported revenue with 25 cents being the current EPS.
A convincing break of this target could pave the way for deeper losses.
Nike's price target: $117.68 | Last close: $118.58 | Daily range: $117.83 – $119.79 | Off hours: $118.08
A persuasive break of this target could lead to higher losses.
While on a 10 day downtrend with a marginal improvement upon yesterday's session, without a clear direction, Nike closed at $118.58 while ranging between $117.83 and $119.79. The day's trading volume totalled 4.12 million shares — slightly below the 21-day average of 5.37 million.