DKNG Stock – DraftKings (DKNG) Dips More Than Broader Markets: What You Should Know – July 8, 2021
In the latest trading session, DraftKings (DKNG – Free Report) closed at $48.26, marking a -1.01% move from the previous day. This move lagged the S&P 500’s daily loss of 0.86%.
Prior to today’s trading, shares of the company had lost 10.52% over the past month. This has lagged the Consumer Discretionary sector’s loss of 1.44% and the S&P 500’s gain of 3.22% in that time.
DKNG will be looking to display strength as it nears its next earnings release. On that day, DKNG is projected to report earnings of -$0.61 per share, which would represent a year-over-year decline of 177.27%. Meanwhile, our latest consensus estimate is calling for revenue of $240.84 million, up 239.55% from the prior-year quarter.
DKNG’s full-year Zacks Consensus Estimates are calling for earnings of -$2.94 per share and revenue of $1.13 billion. These results would represent year-over-year changes of -6.52% and +83.6%, respectively.
Investors might also notice recent changes to analyst estimates for DKNG. 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 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.64% lower. DKNG is holding a Zacks Rank of #4 (Sell) right now.
The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.