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DraftKings (DKNG) Exceeds Market Returns: Some Facts to Consider
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In the latest trading session, DraftKings (DKNG - Free Report) closed at $38.44, marking a +1.05% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.61%. Meanwhile, the Dow gained 0.97%, and the Nasdaq, a tech-heavy index, added 0.33%.
Coming into today, shares of the company had lost 1.43% in the past month. In that same time, the Consumer Discretionary sector gained 2.91%, while the S&P 500 gained 5.36%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. In that report, analysts expect DraftKings to post earnings of -$0.43 per share. This would mark year-over-year growth of 29.51%. In the meantime, our current consensus estimate forecasts the revenue to be $1.11 billion, indicating a 40.68% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.31 per share and a revenue of $5.16 billion, signifying shifts of +82.08% and +40.77%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for DraftKings. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.36% downward. DraftKings is holding a Zacks Rank of #3 (Hold) right now.
The Gaming industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 105, finds itself in the top 42% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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) Exceeds Market Returns: Some Facts to Consider
In the latest trading session, DraftKings (DKNG - Free Report) closed at $38.44, marking a +1.05% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.61%. Meanwhile, the Dow gained 0.97%, and the Nasdaq, a tech-heavy index, added 0.33%.
Coming into today, shares of the company had lost 1.43% in the past month. In that same time, the Consumer Discretionary sector gained 2.91%, while the S&P 500 gained 5.36%.
Analysts and investors alike will be keeping a close eye on the performance of DraftKings in its upcoming earnings disclosure. In that report, analysts expect DraftKings to post earnings of -$0.43 per share. This would mark year-over-year growth of 29.51%. In the meantime, our current consensus estimate forecasts the revenue to be $1.11 billion, indicating a 40.68% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.31 per share and a revenue of $5.16 billion, signifying shifts of +82.08% and +40.77%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for DraftKings. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.36% downward. DraftKings is holding a Zacks Rank of #3 (Hold) right now.
The Gaming industry is part of the Consumer Discretionary sector. This industry, currently bearing a Zacks Industry Rank of 105, finds itself in the top 42% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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.