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

Zacks Equity Research
·2 mins read

DraftKings Inc. (DKNG) closed at $50.57 in the latest trading session, marking a +0.9% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.3%. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, added 0.37%.

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

Investors might also notice 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.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 9.96% lower. DKNG is currently sporting a Zacks Rank of #4 (Sell).

The Unclassified industry is part of the Unclassified sector. This industry currently has a Zacks Industry Rank of 224, which puts it in the bottom 12% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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