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DraftKings (DKNG) Gains As Market Dips: What You Should Know
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DraftKings (DKNG - Free Report) closed the most recent trading day at $31.51, moving +1.71% from the previous trading session. This change outpaced the S&P 500's 0.02% loss on the day. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Prior to today's trading, shares of the company had gained 19.34% over the past month. This has outpaced the Consumer Discretionary sector's gain of 3.07% and the S&P 500's gain of 5.14% in that time.
Wall Street will be looking for positivity from DraftKings as it approaches its next earnings report date. This is expected to be August 3, 2023. In that report, analysts expect DraftKings to post earnings of -$0.25 per share. This would mark year-over-year growth of 50%. Meanwhile, our latest consensus estimate is calling for revenue of $762.25 million, up 63.51% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.81 per share and revenue of $3.27 billion, which would represent changes of +42.72% and +45.81%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for DraftKings. These revisions help to show the ever-changing nature of 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.
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 3.36% higher. DraftKings is holding a Zacks Rank of #2 (Buy) right now.
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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 As Market Dips: What You Should Know
DraftKings (DKNG - Free Report) closed the most recent trading day at $31.51, moving +1.71% from the previous trading session. This change outpaced the S&P 500's 0.02% loss on the day. Meanwhile, the Dow gained 0.23%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Prior to today's trading, shares of the company had gained 19.34% over the past month. This has outpaced the Consumer Discretionary sector's gain of 3.07% and the S&P 500's gain of 5.14% in that time.
Wall Street will be looking for positivity from DraftKings as it approaches its next earnings report date. This is expected to be August 3, 2023. In that report, analysts expect DraftKings to post earnings of -$0.25 per share. This would mark year-over-year growth of 50%. Meanwhile, our latest consensus estimate is calling for revenue of $762.25 million, up 63.51% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.81 per share and revenue of $3.27 billion, which would represent changes of +42.72% and +45.81%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for DraftKings. These revisions help to show the ever-changing nature of 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.
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 3.36% higher. DraftKings is holding a Zacks Rank of #2 (Buy) right now.
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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.