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DraftKings (DKNG) Outpaces Stock Market Gains: What You Should Know

Zacks Equity Research
·2 min read

DraftKings (DKNG) closed at $49.77 in the latest trading session, marking a +1.58% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.49%. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 2.56%.

Prior to today's trading, shares of the company had gained 0.11% over the past month. This has lagged the Consumer Discretionary sector's gain of 2.95% and the S&P 500's gain of 1.44% in that time.

Investors will be hoping for strength from DKNG as it approaches its next earnings release.

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

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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 remained stagnant within the past month. DKNG currently has a Zacks Rank of #3 (Hold).

The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 33% 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.


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