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DraftKings (DKNG) Gains As Market Dips: What You Should Know

Zacks Equity Research
·2-min read

DraftKings (DKNG) closed at $54.92 in the latest trading session, marking a +0.53% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.38%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, lost 0.12%.

Coming into today, shares of the company had gained 1.54% in the past month. In that same time, the Consumer Discretionary sector gained 2.79%, while the S&P 500 gained 4.12%.

Wall Street will be looking for positivity from DKNG as it approaches its next earnings report date.

Investors should also note any recent changes to analyst estimates for DKNG. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

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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 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. The Zacks Consensus EPS estimate has moved 0.81% lower within the past month. DKNG is currently sporting a Zacks Rank of #3 (Hold).

The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 199, putting it in the bottom 22% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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