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DraftKings (DKNG) Stock Declines While Market Improves: Some Information for Investors
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DraftKings (DKNG - Free Report) ended the recent trading session at $40.61, demonstrating a -0.18% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.87%. At the same time, the Dow added 0.67%, and the tech-heavy Nasdaq gained 1.11%.
The the stock of company has fallen by 13.81% in the past month, lagging the Consumer Discretionary sector's loss of 7.08% and the S&P 500's loss of 3.97%.
Market participants will be closely following the financial results of DraftKings in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company's earnings per share (EPS) are projected to be -$0.28, reflecting a 67.82% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.12 billion, up 45.18% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.25 per share and a revenue of $4.82 billion, demonstrating changes of +85.55% and +31.51%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for DraftKings. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.38% lower within the past month. DraftKings is holding a Zacks Rank of #3 (Hold) right now.
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 196, placing it within the bottom 23% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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DraftKings (DKNG) Stock Declines While Market Improves: Some Information for Investors
DraftKings (DKNG - Free Report) ended the recent trading session at $40.61, demonstrating a -0.18% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.87%. At the same time, the Dow added 0.67%, and the tech-heavy Nasdaq gained 1.11%.
The the stock of company has fallen by 13.81% in the past month, lagging the Consumer Discretionary sector's loss of 7.08% and the S&P 500's loss of 3.97%.
Market participants will be closely following the financial results of DraftKings in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company's earnings per share (EPS) are projected to be -$0.28, reflecting a 67.82% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.12 billion, up 45.18% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.25 per share and a revenue of $4.82 billion, demonstrating changes of +85.55% and +31.51%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for DraftKings. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.38% lower within the past month. DraftKings is holding a Zacks Rank of #3 (Hold) right now.
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 196, placing it within the bottom 23% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.