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DraftKings (DKNG) Gains But Lags Market: What You Should Know
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DraftKings (DKNG - Free Report) closed the most recent trading day at $19.05, moving +0.74% from the previous trading session. The stock lagged the S&P 500's daily gain of 1.43%. Meanwhile, the Dow gained 1.02%, and the Nasdaq, a tech-heavy index, added 0.32%.
Heading into today, shares of the company had lost 3.67% over the past month, lagging the Consumer Discretionary sector's gain of 0.12% and the S&P 500's gain of 5.65% in that time.
DraftKings will be looking to display strength as it nears its next earnings release. On that day, DraftKings is projected to report earnings of -$1.22 per share, which would represent a year-over-year decline of 40.23%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $410.65 million, up 31.5% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$3.89 per share and revenue of $1.99 billion, which would represent changes of -2.91% and +53.52%, respectively, from the prior 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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. The Zacks Consensus EPS estimate has moved 15.38% lower within the past month. DraftKings is currently sporting a Zacks Rank of #4 (Sell).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 174, putting it in the bottom 32% 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.
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DraftKings (DKNG) Gains But Lags Market: What You Should Know
DraftKings (DKNG - Free Report) closed the most recent trading day at $19.05, moving +0.74% from the previous trading session. The stock lagged the S&P 500's daily gain of 1.43%. Meanwhile, the Dow gained 1.02%, and the Nasdaq, a tech-heavy index, added 0.32%.
Heading into today, shares of the company had lost 3.67% over the past month, lagging the Consumer Discretionary sector's gain of 0.12% and the S&P 500's gain of 5.65% in that time.
DraftKings will be looking to display strength as it nears its next earnings release. On that day, DraftKings is projected to report earnings of -$1.22 per share, which would represent a year-over-year decline of 40.23%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $410.65 million, up 31.5% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$3.89 per share and revenue of $1.99 billion, which would represent changes of -2.91% and +53.52%, respectively, from the prior 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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. The Zacks Consensus EPS estimate has moved 15.38% lower within the past month. DraftKings is currently sporting a Zacks Rank of #4 (Sell).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 174, putting it in the bottom 32% 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.