DraftKings (DKNG) closed at $30.61 in the latest trading session, marking a -1.51% move from the prior day. This move lagged the S&P 500's daily gain of 0.4%. At the same time, the Dow added 0.52%, and the tech-heavy Nasdaq gained 10.86%.
Heading into today, shares of the company had gained 24.17% over the past month, outpacing the Consumer Discretionary sector's gain of 2.12% and the S&P 500's gain of 3.98% in that time.
DraftKings will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2023. On that day, DraftKings is projected to report earnings of -$0.25 per share, which would represent year-over-year growth of 50%. Meanwhile, our latest consensus estimate is calling for revenue of $762.25 million, up 63.51% from the prior-year quarter.
DKNG's full-year Zacks Consensus Estimates are calling for earnings of -$1.81 per share and revenue of $3.27 billion. These results would represent year-over-year changes of +42.72% and +45.81%, respectively.
It is also important to note the recent changes to analyst estimates for DraftKings. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 3.36% higher within the past month. DraftKings currently has a Zacks Rank of #2 (Buy).
The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 93, which puts it in the top 37% of all 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.
To follow DKNG in the coming trading sessions, be sure to utilize Zacks.com.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.DraftKings Inc. (DKNG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
