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DraftKings (DKNG) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, DraftKings (DKNG - Free Report) closed at $24.83, marking a -1.74% move from the previous day. This move lagged the S&P 500's daily gain of 1.22%. Elsewhere, the Dow gained 1.26%, while the tech-heavy Nasdaq added 4.63%.
Prior to today's trading, shares of the company had gained 10.54% over the past month. This has outpaced the Consumer Discretionary sector's gain of 4.61% and the S&P 500's gain of 6.22% in that time.
Wall Street will be looking for positivity from DraftKings as it approaches its next earnings report date. In that report, analysts expect DraftKings to post earnings of -$0.29 per share. This would mark year-over-year growth of 42%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $714.58 million, up 53.28% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.88 per share and revenue of $3.2 billion. These totals would mark changes of +40.51% and +42.97%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for DraftKings. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.85% higher. DraftKings is currently sporting a Zacks Rank of #2 (Buy).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% 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.
To follow DKNG in the coming trading sessions, be sure to utilize Zacks.com.
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DraftKings (DKNG) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, DraftKings (DKNG - Free Report) closed at $24.83, marking a -1.74% move from the previous day. This move lagged the S&P 500's daily gain of 1.22%. Elsewhere, the Dow gained 1.26%, while the tech-heavy Nasdaq added 4.63%.
Prior to today's trading, shares of the company had gained 10.54% over the past month. This has outpaced the Consumer Discretionary sector's gain of 4.61% and the S&P 500's gain of 6.22% in that time.
Wall Street will be looking for positivity from DraftKings as it approaches its next earnings report date. In that report, analysts expect DraftKings to post earnings of -$0.29 per share. This would mark year-over-year growth of 42%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $714.58 million, up 53.28% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.88 per share and revenue of $3.2 billion. These totals would mark changes of +40.51% and +42.97%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for DraftKings. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.85% higher. DraftKings is currently sporting a Zacks Rank of #2 (Buy).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% 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.
To follow DKNG in the coming trading sessions, be sure to utilize Zacks.com.