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DraftKings (DKNG) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest market close, DraftKings (DKNG - Free Report) reached $36.64, with a -0.27% movement compared to the previous day. This change lagged the S&P 500's daily gain of 1.02%. Meanwhile, the Dow experienced a rise of 1.09%, and the technology-dominated Nasdaq saw an increase of 1.18%.
The the stock of company has fallen by 3.92% in the past month, lagging the Consumer Discretionary sector's loss of 2.14% and the S&P 500's gain of 4.44%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. The company is forecasted to report an EPS of -$0.01, showcasing a 94.12% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.12 billion, up 27.97% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.26 per share and revenue of $4.99 billion. These totals would mark changes of +84.97% and +36.15%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for DraftKings. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 26.88% lower. DraftKings is currently a Zacks Rank #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 63, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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DraftKings (DKNG) Stock Drops Despite Market Gains: Important Facts to Note
In the latest market close, DraftKings (DKNG - Free Report) reached $36.64, with a -0.27% movement compared to the previous day. This change lagged the S&P 500's daily gain of 1.02%. Meanwhile, the Dow experienced a rise of 1.09%, and the technology-dominated Nasdaq saw an increase of 1.18%.
The the stock of company has fallen by 3.92% in the past month, lagging the Consumer Discretionary sector's loss of 2.14% and the S&P 500's gain of 4.44%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. The company is forecasted to report an EPS of -$0.01, showcasing a 94.12% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.12 billion, up 27.97% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.26 per share and revenue of $4.99 billion. These totals would mark changes of +84.97% and +36.15%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for DraftKings. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 26.88% lower. DraftKings is currently a Zacks Rank #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 63, putting it in the top 25% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.