Canaccord Genuity Group Lowers DraftKings (NASDAQ:DKNG) Price Target to $28.00

DraftKings (NASDAQ:DKNGGet Rating) had its target price dropped by stock analysts at Canaccord Genuity Group from $32.00 to $28.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 123.11% from the stock’s previous close.

DKNG has been the topic of several other reports. Deutsche Bank Aktiengesellschaft decreased their target price on shares of DraftKings from $16.00 to $14.00 and set a “hold” rating on the stock in a research report on Monday. Redburn Partners initiated coverage on shares of DraftKings in a research report on Wednesday, October 12th. They issued a “neutral” rating and a $19.00 price target on the stock. Susquehanna Bancshares boosted their price target on shares of DraftKings from $20.00 to $24.00 and gave the company a “positive” rating in a research report on Tuesday, September 6th. Barclays reduced their price target on shares of DraftKings from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Morgan Stanley reduced their price target on shares of DraftKings from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, August 8th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $24.38.

DraftKings Stock Performance

Shares of DraftKings stock opened at $12.55 on Monday. The firm’s 50-day simple moving average is $15.34 and its 200-day simple moving average is $14.62. DraftKings has a twelve month low of $9.77 and a twelve month high of $45.25. The firm has a market cap of $10.56 billion, a P/E ratio of -3.65 and a beta of 1.77.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Meridian Investment Counsel Inc. acquired a new position in DraftKings during the third quarter worth $230,000. Resources Investment Advisors LLC. boosted its holdings in DraftKings by 23.8% during the third quarter. Resources Investment Advisors LLC. now owns 13,015 shares of the company’s stock worth $197,000 after purchasing an additional 2,500 shares during the last quarter. Texas Yale Capital Corp. acquired a new position in DraftKings during the third quarter worth $1,888,000. New York State Common Retirement Fund boosted its holdings in DraftKings by 1.7% during the third quarter. New York State Common Retirement Fund now owns 405,584 shares of the company’s stock worth $6,141,000 after purchasing an additional 6,911 shares during the last quarter. Finally, Moors & Cabot Inc. raised its position in DraftKings by 26.4% during the third quarter. Moors & Cabot Inc. now owns 79,362 shares of the company’s stock worth $1,202,000 after acquiring an additional 16,574 shares in the last quarter. Institutional investors and hedge funds own 29.18% of the company’s stock.

DraftKings Company Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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