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DraftKings (DKNG) Stock Dips While Market Gains: Key Facts
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DraftKings (DKNG - Free Report) closed the latest trading day at $29.58, indicating a -0.2% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.63%. Elsewhere, the Dow gained 0.59%, while the tech-heavy Nasdaq added 0.39%.
Heading into today, shares of the company had lost 6.94% over the past month, lagging the Consumer Discretionary sector's loss of 4.76% and the S&P 500's loss of 3.39% in that time.
The investment community will be closely monitoring the performance of DraftKings in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.69, reflecting a 31% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $690.22 million, up 37.51% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.62 per share and revenue of $3.53 billion, indicating changes of +48.73% and +57.49%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.11% lower. Currently, DraftKings is carrying a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 167, finds itself in the bottom 34% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 Dips While Market Gains: Key Facts
DraftKings (DKNG - Free Report) closed the latest trading day at $29.58, indicating a -0.2% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.63%. Elsewhere, the Dow gained 0.59%, while the tech-heavy Nasdaq added 0.39%.
Heading into today, shares of the company had lost 6.94% over the past month, lagging the Consumer Discretionary sector's loss of 4.76% and the S&P 500's loss of 3.39% in that time.
The investment community will be closely monitoring the performance of DraftKings in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.69, reflecting a 31% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $690.22 million, up 37.51% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.62 per share and revenue of $3.53 billion, indicating changes of +48.73% and +57.49%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.11% lower. Currently, DraftKings is carrying a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 167, finds itself in the bottom 34% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.