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DraftKings Inc. (DKNG) Stock Sinks As Market Gains: What You Should Know
DraftKings Inc. (DKNG - Free Report) closed the most recent trading day at $35.36, moving -0.79% from the previous trading session. This change lagged the S&P 500's daily gain of 0.29%. Elsewhere, the Dow lost 0.24%, while the tech-heavy Nasdaq added 0.28%.
Investors will be hoping for strength from DKNG as it approaches its next earnings release.
It is also important to note the recent changes to analyst estimates for DKNG. Recent revisions tend to reflect the latest near-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 0.83% higher. DKNG is currently a Zacks Rank #4 (Sell).
The Unclassified industry is part of the Unclassified sector. This group has a Zacks Industry Rank of 194, putting it in the bottom 24% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.