DraftKings Inc. (DKNG) Gains As Market Dips: What You Should Know
In the latest trading session, DraftKings Inc. (DKNG) closed at $51.18, marking a +1.15% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.63%. Elsewhere, the Dow lost 0.55%, while the tech-heavy Nasdaq lost 0.1%.
Wall Street will be looking for positivity from DKNG as it approaches its next earnings report date.
Any recent changes to analyst estimates for DKNG should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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. Over the past month, the Zacks Consensus EPS estimate has moved 18.51% lower. DKNG is currently a Zacks Rank #4 (Sell).
The Unclassified industry is part of the Unclassified sector. This group has a Zacks Industry Rank of 184, putting it in the bottom 28% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.