DraftKings (DKNG) closed the latest trading day at $36.78, indicating a +0.49% change from the previous session’s end. This move outpaced the S&P 500’s daily gain of 0.22%. Elsewhere, the Dow saw a downswing of 0.33%, while the tech-heavy Nasdaq appreciated by 0.76%.
Heading into today, shares of the company had lost 10.95% over the past month, lagging the Consumer Discretionary sector’s gain of 2.16% and the S&P 500’s gain of 1.47% in that time.
The investment community will be closely monitoring the performance of DraftKings in its forthcoming earnings report. The company is scheduled to release its earnings on November 7, 2024. The company’s earnings per share (EPS) are projected to be -$0.42, reflecting a 31.15% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.11 billion, indicating a 40.68% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.31 per share and revenue of $5.17 billion, indicating changes of +82.08% and +40.99%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for DraftKings. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.36% increase. DraftKings is currently a Zacks Rank #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 161, placing it within the bottom 37% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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DraftKings Inc. (DKNG) : Free Stock Analysis Report
