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DraftKings (DKNG) Outpaces Stock Market Gains: What You Should Know
DraftKings (DKNG - Free Report) closed at $17.73 in the latest trading session, marking a +1.43% move from the prior day. This move outpaced the S&P 500's daily gain of 0.56%. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 1.35%.
Heading into today, shares of the company had lost 8.19% over the past month, lagging the Consumer Discretionary sector's loss of 4.3% and the S&P 500's loss of 1.48% in that time.
Wall Street will be looking for positivity from DraftKings as it approaches its next earnings report date. On that day, DraftKings is projected to report earnings of -$0.78 per share, which would represent year-over-year growth of 31.58%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $683.27 million, up 63.77% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$2.07 per share and revenue of $2.99 billion. These totals would mark changes of +34.49% and +33.61%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for DraftKings. These recent revisions tend to reflect the evolving nature of short-term business trends. 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.05% higher. DraftKings currently has a Zacks Rank of #2 (Buy).
The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 65, which puts it in the top 26% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.