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DraftKings (DKNG) Sees a More Significant Dip Than Broader Market: Some Facts to Know
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DraftKings (DKNG - Free Report) closed the latest trading day at $41.74, indicating a -1.97% change from the previous session's end. The stock trailed the S&P 500, which registered a daily loss of 0.65%. Meanwhile, the Dow experienced a drop of 0.18%, and the technology-dominated Nasdaq saw a decrease of 1.16%.
Shares of the company witnessed a loss of 0.54% over the previous month, trailing the performance of the Consumer Discretionary sector with its gain of 1.29% and the S&P 500's gain of 3.4%.
Market participants will be closely following the financial results of DraftKings in its upcoming release. On that day, DraftKings is projected to report earnings of -$0.28 per share, which would represent year-over-year growth of 67.82%. Meanwhile, our latest consensus estimate is calling for revenue of $1.12 billion, up 45.5% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.24 per share and revenue of $4.82 billion. These totals would mark changes of +86.13% and +31.46%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for DraftKings. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.3% lower. Currently, DraftKings is carrying a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 149, this industry ranks in the bottom 41% of all industries, numbering over 250.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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DraftKings (DKNG) Sees a More Significant Dip Than Broader Market: Some Facts to Know
DraftKings (DKNG - Free Report) closed the latest trading day at $41.74, indicating a -1.97% change from the previous session's end. The stock trailed the S&P 500, which registered a daily loss of 0.65%. Meanwhile, the Dow experienced a drop of 0.18%, and the technology-dominated Nasdaq saw a decrease of 1.16%.
Shares of the company witnessed a loss of 0.54% over the previous month, trailing the performance of the Consumer Discretionary sector with its gain of 1.29% and the S&P 500's gain of 3.4%.
Market participants will be closely following the financial results of DraftKings in its upcoming release. On that day, DraftKings is projected to report earnings of -$0.28 per share, which would represent year-over-year growth of 67.82%. Meanwhile, our latest consensus estimate is calling for revenue of $1.12 billion, up 45.5% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.24 per share and revenue of $4.82 billion. These totals would mark changes of +86.13% and +31.46%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for DraftKings. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.3% lower. Currently, DraftKings is carrying a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 149, this industry ranks in the bottom 41% of all industries, numbering over 250.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.