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DraftKings (DKNG) closed the latest trading day at $38.95, indicating a +1.86% change from the previous session's end. This change outpaced the S&P 500's 0.03% gain on the day. On the other hand, the Dow registered a loss of 0.04%, and the technology-centric Nasdaq increased by 0.2%.
The the stock of company has risen by 11.13% in the past month, leading the Consumer Discretionary sector's gain of 2.35% and the S&P 500's gain of 1.54%.
Market participants will be closely following the financial results of DraftKings in its upcoming release. The company's upcoming EPS is projected at -$0.42, signifying a 31.15% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.11 billion, reflecting a 40.68% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.31 per share and a revenue of $5.16 billion, signifying shifts of +82.08% and +40.77%, respectively, from the last year.
Any recent changes to analyst estimates for DraftKings should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, DraftKings boasts a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 145, which puts it in the bottom 43% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Zacks Investment Research
Sportsbook operator DraftKings Inc faces a lawsuit from the Major League Baseball Players Union, a move that could dampen high expectations for other sports like the NFL, which just kicked off its season.
What Happened: The Major League Baseball (MLB) Players Union has filed a lawsuit against DraftKings and Bet365 for using names and images of MLB players without permission.
The lawsuit, filed in Philadelphia federal court Monday, alleges DraftKings is in violation of Pennsylvania law, as reported by Bloomberg.
Both named sportsbooks used alleged images of MLB players in marketing campaigns, according to the report.
Benzinga reached out to DraftKings for comment and did not hear back.
Pennsylvania is home to two MLB teams: Pittsburgh Pirates and Philadelphia Phillies.
Read Also: Danny Jansen Makes History Monday Playing For Both Teams In Same MLB Game: Here’s The Unique Story
Why It's Important: Monday's lawsuit sees the players union seeking compensatory and punitive damages. The lawsuit also demands DraftKings stop using the names and images on the platform.
The players' union is requesting that profits from the use of MLB players' images be taken away from the sportsbook and turned over to the players.
"Defendants' use of player images within their sportsbook platforms is not merely informational — it is promotional," lawyers for the players' union said Monday.
The lawsuit said both DraftKings and Bet365 offer player prop bets in other sports without using player images.
"Users could bet that the Phillies will beat the Marlins, or that Bryce Harper will hit more than two home runs in a given game, without seeing Harper's valuable image."
Monday's lawsuit could have a ripple effect for the way players are listed on sportsbooks and how player props are marketed to users.
DKNG Price Action: DraftKings stock closed 1.16% to $38.24 on Monday versus a 52-week trading range of $25.74 to $49.57. DraftKings stock is up 13.9% year-to-date in 2024.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
DraftKings (DKNG) closed the latest trading day at $38.24, indicating a +1.16% change from the previous session's end. The stock exceeded the S&P 500, which registered a gain of 0.13% for the day. Meanwhile, the Dow experienced a rise of 0.55%, and the technology-dominated Nasdaq saw a decrease of 0.52%.
Shares of the company witnessed a gain of 10.72% over the previous month, beating the performance of the Consumer Discretionary sector with its gain of 9.35% and the S&P 500's gain of 3.67%.
The investment community will be closely monitoring the performance of DraftKings in its forthcoming earnings report. In that report, analysts expect DraftKings to post earnings of -$0.42 per share. This would mark year-over-year growth of 31.15%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.11 billion, indicating a 40.68% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.31 per share and revenue of $5.16 billion, which would represent changes of +82.08% and +40.77%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for DraftKings. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, DraftKings boasts a Zacks Rank of #3 (Hold).
The Gaming industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 152, this industry ranks in the bottom 40% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Sportsbooks operators such as DraftKings Inc could stand to benefit with the 2024 National Football season underway and another week of favorable outcomes for sportsbooks in the second week of games.
The DraftKings Analyst: Needham analyst Bernie McTernan reiterated a Buy rating and $60 price target on DraftKings after the second week of the NFL season.
The Analyst Takeaways: Sportsbooks likely had favorable outcomes from the NFL matchups for a second straight week, McTernan said in a new investor note.
The analyst previously estimated the first week of the NFL would show favorable outcomes for sportsbooks thanks to several of the top bet-on teams either lost or failed to cover the spread. Data from New York sportsbooks showed this may not have been the case with sportsbooks in the state having a 6.8% hold rate, compared to 13.6% for the first week of the NFL season last year.
There were only four weeks in the 2023 NFL season of 18 total that had a hold rate below 6.8%, the analyst added.
"We think week two was a bounce back week for the sportsbooks, following week one that was worse than we estimated," McTernan said. "We think week two was a good week for the sportsbooks as three of the four largest underdogs won outright in the Sunday 1 p.m. and 4 p.m. ET slate."
The analyst said the underdogs won in over 50% of the games and covered the spread in 64% of games, which is usually a favorable outcome for sportsbooks.
Among the NFL teams to lose in the second week and most bet-on teams to cover on Sunday were the Baltimore Ravens (to the Las Vegas Raiders), Dallas Cowboys (to the New Orleans Saints) and San Francisco 49ers (to the Minnesota Vikings).
App store rankings showed DraftKings as the third top sports app for the second week of the NFL season, up from fifth place last week. FanDuel, owned by Flutter Entertainment ranked fifth on the week, up from seventh place last week.
Several other sportsbooks saw their rankings on the iOS app store rankings improve including bet365 and BetMGM. ESPN Bet, operated by PENN Entertainment Inc fell in the rankings going from 23rd in the first week of the NFL season to 26th place in the second week. Fanatics sportsbook also fell from 25th to 31st from the first to second week of the NFL season.
McTernan cautioned that DraftKings ranking first in the iOS app store rankings to start the 2024 season might not last.
"As a reminder, DKNG also was the leader the first two weeks of last season but FanDuel narrowly edged them for the lead for the whole season."
The second week NFL results along with the growing sportsbook market had the analyst remaining bullish on DraftKings.
"We see DKNG as a leader in the emerging North America online gambling market, a $35B market opportunity."
DKNG Price Action: DraftKings stock is up 1.30% to $38.29 on Monday at publication versus a 52-week trading range of $25.74 to $49.57. DraftKings stock is up 13% year-to-date in 2024.
Read Next:
Photo: Shutterstock
Latest Ratings for DKNG
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Argus Research | Downgrades | Buy | Hold |
Feb 2022 | Citigroup | Maintains | Buy | |
Feb 2022 | Roth Capital | Upgrades | Sell | Neutral |
View More Analyst Ratings for DKNG
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about DraftKings (DKNG).
DraftKings currently has an average brokerage recommendation (ABR) of 1.24, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 31 brokerage firms. An ABR of 1.24 approximates between Strong Buy and Buy.
Of the 31 recommendations that derive the current ABR, 26 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 83.9% and 6.5% of all recommendations.
Brokerage Recommendation Trends for DKNG
While the ABR calls for buying DraftKings, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near -term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
Although both Zacks Rank and ABR are displayed in a range of 1-5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is DKNG a Good Investment?
Looking at the earnings estimate revisions for DraftKings, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$0.31.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for DraftKings. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for DraftKings.
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