DraftKings Inc. (NASDAQ:DKNG – Get Rating) shares dropped 9.8% on Monday after Morgan Stanley lowered their price target on the stock from $28.00 to $20.00. Morgan Stanley currently has an overweight rating on the stock. DraftKings traded as low as $13.53 and last traded at $13.57. Approximately 508,151 shares were traded during trading, a decline of 98% from the average daily volume of 23,368,875 shares. The stock had previously closed at $15.05.
A number of other research firms have also weighed in on DKNG. Roth Capital raised shares of DraftKings from a “neutral” rating to a “buy” rating and raised their price target for the company from $18.00 to $25.00 in a research report on Wednesday, August 17th. Benchmark lowered their price objective on shares of DraftKings from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 12th. Susquehanna lifted their price objective on shares of DraftKings from $20.00 to $24.00 and gave the stock a “positive” rating in a research report on Tuesday, September 6th. Redburn Partners assumed coverage on shares of DraftKings in a research report on Wednesday, October 12th. They issued a “neutral” rating and a $19.00 price objective on the stock. Finally, BNP Paribas assumed coverage on shares of DraftKings in a research report on Thursday, October 6th. They issued an “underperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $23.96.
Institutional Investors Weigh In On DraftKings
A number of large investors have recently modified their holdings of the business. Tompkins Financial Corp acquired a new stake in shares of DraftKings during the first quarter worth about $27,000. Allworth Financial LP boosted its position in DraftKings by 136.0% in the 3rd quarter. Allworth Financial LP now owns 1,631 shares of the company’s stock worth $25,000 after purchasing an additional 940 shares in the last quarter. SJS Investment Consulting Inc. purchased a new stake in DraftKings in the 3rd quarter worth approximately $26,000. Ellevest Inc. boosted its position in DraftKings by 1,005.5% in the 3rd quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock worth $30,000 after purchasing an additional 1,830 shares in the last quarter. Finally, Quent Capital LLC boosted its position in DraftKings by 136.9% in the 2nd quarter. Quent Capital LLC now owns 2,132 shares of the company’s stock worth $25,000 after purchasing an additional 1,232 shares in the last quarter. Hedge funds and other institutional investors own 29.18% of the company’s stock.
DraftKings Trading Down 5.0 %
DraftKings Company Profile
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.
- Get a free copy of the StockNews.com research report on DraftKings (DKNG)
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