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Why the Market Dipped But DraftKings (DKNG) Gained Today
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DraftKings (DKNG - Free Report) closed the most recent trading day at $36.93, moving +0.71% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.71%. At the same time, the Dow lost 0.93%, and the tech-heavy Nasdaq lost 0.81%.
Shares of the company witnessed a loss of 14.72% over the previous month, trailing the performance of the Consumer Discretionary sector with its loss of 0.43% and the S&P 500's gain of 1.08%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. The company's earnings report is set to go public on August 1, 2024. The company is forecasted to report an EPS of -$0.02, showcasing an 88.24% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.12 billion, indicating a 27.47% growth compared to the corresponding quarter of the prior year.
DKNG's full-year Zacks Consensus Estimates are calling for earnings of -$0.28 per share and revenue of $5 billion. These results would represent year-over-year changes of +83.82% and +36.33%, respectively.
Investors might also notice recent changes to analyst estimates for DraftKings. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 33.9% fall in the Zacks Consensus EPS estimate. DraftKings presently features a Zacks Rank of #4 (Sell).
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 37% of over 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.
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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Why the Market Dipped But DraftKings (DKNG) Gained Today
DraftKings (DKNG - Free Report) closed the most recent trading day at $36.93, moving +0.71% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.71%. At the same time, the Dow lost 0.93%, and the tech-heavy Nasdaq lost 0.81%.
Shares of the company witnessed a loss of 14.72% over the previous month, trailing the performance of the Consumer Discretionary sector with its loss of 0.43% and the S&P 500's gain of 1.08%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. The company's earnings report is set to go public on August 1, 2024. The company is forecasted to report an EPS of -$0.02, showcasing an 88.24% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.12 billion, indicating a 27.47% growth compared to the corresponding quarter of the prior year.
DKNG's full-year Zacks Consensus Estimates are calling for earnings of -$0.28 per share and revenue of $5 billion. These results would represent year-over-year changes of +83.82% and +36.33%, respectively.
Investors might also notice recent changes to analyst estimates for DraftKings. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 33.9% fall in the Zacks Consensus EPS estimate. DraftKings presently features a Zacks Rank of #4 (Sell).
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 37% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.