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DraftKings Inc. (DKNG) Dips More Than Broader Markets: What You Should Know
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DraftKings Inc. (DKNG - Free Report) closed the most recent trading day at $48.11, moving -1.74% from the previous trading session. This move lagged the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.23%, while the tech-heavy Nasdaq lost 0.38%.
Heading into today, shares of the company had lost 6.49% over the past month, lagging the Consumer Discretionary sector's gain of 5.73% and the S&P 500's gain of 2.78% in that time.
DKNG will be looking to display strength as it nears its next earnings release.
It is also important to note the recent changes to analyst estimates for DKNG. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. DKNG is holding a Zacks Rank of #4 (Sell) right now.
The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 127, which puts it in the top 50% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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DraftKings Inc. (DKNG) Dips More Than Broader Markets: What You Should Know
DraftKings Inc. (DKNG - Free Report) closed the most recent trading day at $48.11, moving -1.74% from the previous trading session. This move lagged the S&P 500's daily loss of 0.22%. Elsewhere, the Dow lost 0.23%, while the tech-heavy Nasdaq lost 0.38%.
Heading into today, shares of the company had lost 6.49% over the past month, lagging the Consumer Discretionary sector's gain of 5.73% and the S&P 500's gain of 2.78% in that time.
DKNG will be looking to display strength as it nears its next earnings release.
It is also important to note the recent changes to analyst estimates for DKNG. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. DKNG is holding a Zacks Rank of #4 (Sell) right now.
The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 127, which puts it in the top 50% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.