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

Zacks Equity Research

In the latest trading session, DraftKings Inc. (DKNG) closed at $32.95, marking a -1.27% move from the previous day. This move lagged the S&P 500's daily gain of 0.72%. Elsewhere, the Dow gained 0.89%, while the tech-heavy Nasdaq added 1.47%.

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 recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 remained stagnant. DKNG is currently a Zacks Rank #2 (Buy).

The Unclassified industry is part of the Unclassified sector. This industry currently has a Zacks Industry Rank of 59, which puts it in the top 24% 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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