DraftKings Inc. (DKNG) Dips More Than Broader Markets: What You Should Know

DraftKings Inc. (DKNG) closed at $34.63 in the latest trading session, marking a -1.38% move from the prior day. This change lagged the S&P 500's 0.65% loss on the day. Elsewhere, the Dow lost 0.77%, while the tech-heavy Nasdaq lost 1.27%.

DKNG will be looking to display strength as it nears its next earnings release, which is expected to be August 14, 2020.

Investors should also note any recent changes to analyst estimates for DKNG. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 0.36% higher. DKNG is currently sporting a Zacks Rank of #2 (Buy).

The Unclassified industry is part of the Unclassified sector. This industry currently has a Zacks Industry Rank of 63, which puts it in the top 25% 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.