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DraftKings (DKNG) Dips More Than Broader Markets: What You Should Know
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DraftKings (DKNG - Free Report) closed the most recent trading day at $42.32, moving -1.65% from the previous trading session. This move lagged the S&P 500's daily loss of 0.03%. Elsewhere, the Dow lost 0.24%, while the tech-heavy Nasdaq added 0.04%.
Wall Street will be looking for positivity from DKNG as it approaches its next earnings report date. This is expected to be November 13, 2020.
Any recent changes to analyst estimates for DKNG should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 31.69% lower. DKNG is currently sporting a Zacks Rank of #4 (Sell).
The Unclassified industry is part of the Unclassified sector. This industry currently has a Zacks Industry Rank of 119, which puts it in the top 47% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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DraftKings (DKNG) Dips More Than Broader Markets: What You Should Know
DraftKings (DKNG - Free Report) closed the most recent trading day at $42.32, moving -1.65% from the previous trading session. This move lagged the S&P 500's daily loss of 0.03%. Elsewhere, the Dow lost 0.24%, while the tech-heavy Nasdaq added 0.04%.
Wall Street will be looking for positivity from DKNG as it approaches its next earnings report date. This is expected to be November 13, 2020.
Any recent changes to analyst estimates for DKNG should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 31.69% lower. DKNG is currently sporting a Zacks Rank of #4 (Sell).
The Unclassified industry is part of the Unclassified sector. This industry currently has a Zacks Industry Rank of 119, which puts it in the top 47% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.