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DraftKings (DKNG) closed at $13 in the latest trading session, marking a +1.09% move from the prior day. This change outpaced the S&P 500's 0.84% loss on the day. Meanwhile, the Dow lost 0.69%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Heading into today, shares of the company had gained 12.61% over the past month, outpacing the Consumer Discretionary sector's loss of 0.81% and the S&P 500's gain of 2.02% in that time.
DraftKings will be looking to display strength as it nears its next earnings release, which is expected to be August 5, 2022. On that day, DraftKings is projected to report earnings of -$0.88 per share, which would represent a year-over-year decline of 15.79%. Meanwhile, our latest consensus estimate is calling for revenue of $438.01 million, up 47.18% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$3.59 per share and revenue of $2.11 billion, which would represent changes of +5.03% and +62.57%, respectively, from the prior year.
Any recent changes to analyst estimates for DraftKings should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 0.19% 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 174, which puts it in the bottom 31% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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DraftKings Inc. (DKNG) : Free Stock Analysis Report
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