DraftKings (DKNG) ended the recent trading session at $36.47, demonstrating a -0.84% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.03%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq added 0.56%.
Coming into today, shares of the company had lost 10.16% in the past month. In that same time, the Consumer Discretionary sector gained 0.88%, while the S&P 500 gained 1.39%.
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 upcoming EPS is projected at -$0.42, signifying a 31.15% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.12 billion, indicating a 41.45% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.31 per share and a revenue of $5.17 billion, representing changes of +82.08% and +40.99%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for DraftKings. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.36% rise in the Zacks Consensus EPS estimate. DraftKings presently features a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 154, placing it within the bottom 39% 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
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