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DraftKings (DKNG) Gains As Market Dips: What You Should Know
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In the latest trading session, DraftKings (DKNG - Free Report) closed at $13.31, marking a +1.29% move from the previous day. This change outpaced the S&P 500's 0.8% loss on the day. Elsewhere, the Dow lost 0.3%, while the tech-heavy Nasdaq lost 0.03%.
Prior to today's trading, shares of the company had lost 21.41% over the past month. This has lagged the Consumer Discretionary sector's loss of 8.75% and the S&P 500's loss of 5.13% in that time.
Investors will be hoping for strength from DraftKings as it approaches its next earnings release, which is expected to be November 4, 2022. In that report, analysts expect DraftKings to post earnings of -$1.08 per share. This would mark year-over-year growth of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $436.72 million, up 105.21% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$3.07 per share and revenue of $2.15 billion. These totals would mark changes of +18.78% and +65.7%, respectively, from last year.
Any recent changes to analyst estimates for DraftKings should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.05% higher. DraftKings currently has a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 61, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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 As Market Dips: What You Should Know
In the latest trading session, DraftKings (DKNG - Free Report) closed at $13.31, marking a +1.29% move from the previous day. This change outpaced the S&P 500's 0.8% loss on the day. Elsewhere, the Dow lost 0.3%, while the tech-heavy Nasdaq lost 0.03%.
Prior to today's trading, shares of the company had lost 21.41% over the past month. This has lagged the Consumer Discretionary sector's loss of 8.75% and the S&P 500's loss of 5.13% in that time.
Investors will be hoping for strength from DraftKings as it approaches its next earnings release, which is expected to be November 4, 2022. In that report, analysts expect DraftKings to post earnings of -$1.08 per share. This would mark year-over-year growth of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $436.72 million, up 105.21% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$3.07 per share and revenue of $2.15 billion. These totals would mark changes of +18.78% and +65.7%, respectively, from last year.
Any recent changes to analyst estimates for DraftKings should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.05% higher. DraftKings currently has a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 61, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.