BTIG Research Cuts DraftKings (NASDAQ:DKNG) Price Target to $35.00

DraftKings (NASDAQ:DKNG) had its price target lowered by BTIG Research from $37.00 to $35.00 in a report issued on Thursday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

A number of other analysts also recently issued reports on DKNG. JPMorgan Chase & Co. decreased their price objective on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Canaccord Genuity Group lowered their price target on shares of DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Stifel Nicolaus dropped their price objective on DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Finally, Benchmark decreased their target price on DraftKings from $37.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Twenty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.76.

DraftKings Stock Up 1.5%

DKNG stock opened at $23.84 on Thursday. The stock has a market cap of $11.75 billion, a P/E ratio of -596.00, a P/E/G ratio of 0.98 and a beta of 1.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock’s fifty day simple moving average is $29.79 and its two-hundred day simple moving average is $34.68. DraftKings has a 1-year low of $21.01 and a 1-year high of $48.78.

Insiders Place Their Bets

In related news, CAO Erik Bradbury sold 7,268 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the sale, the chief accounting officer owned 36,736 shares of the company’s stock, valued at approximately $826,560. This represents a 16.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the transaction, the insider owned 500,000 shares of the company’s stock, valued at approximately $16,005,000. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,822 shares of company stock worth $3,638,895 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Dagco Inc. purchased a new position in shares of DraftKings during the 4th quarter valued at $26,000. Ameriflex Group Inc. boosted its stake in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares during the period. Root Financial Partners LLC purchased a new position in DraftKings during the third quarter worth about $33,000. Asset Dedication LLC bought a new position in DraftKings in the 3rd quarter worth about $37,000. Finally, Montag A & Associates Inc. increased its stake in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Arkansas sportsbook license approved — DraftKings secured licensure from the Arkansas Racing Commission to operate its online sportsbook on behalf of Southland Casino Hotel, opening access to ~2 million additional adults and enabling a pending launch once final approvals clear. DraftKings Secures License in Arkansas
• Positive Sentiment: U.S. footprint expands to 30 states — Coverage/market-access reporting highlights that DraftKings now reaches 30 U.S. states, which supports long-term top-line growth prospects from sportsbook and cross-sell opportunities. DraftKings Is Coming to Arkansas
• Neutral Sentiment: Heightened investor attention — Multiple outlets (Zacks, Yahoo) note increased interest from investors and pageviews, which can amplify intraday moves but is not inherently directional. Zacks: DraftKings Attracting Attention
• Neutral Sentiment: Sector/strategy context — Discussion of prediction-market themes and longer-term reassessment pieces frame DraftKings as part of a larger opportunity set; useful for strategic investors but not an immediate catalyst. Fool: Prediction Market Stocks
• Neutral Sentiment: Short-interest data for February shows inconsistent/zeroed figures in public feeds — the data release looks unreliable and doesn’t provide a clear short-pressure signal today. (No link — internal data)
• Negative Sentiment: Class-action lawsuit advances in Massachusetts — A consumer-protection suit challenging how DraftKings ran and disclosed certain high-profile promotions was allowed to proceed on most claims toward class certification and trial, adding legal and reputational risk that could pressure shares. Yahoo: DraftKings Lawsuit Raises Questions
• Negative Sentiment: Analyst price-target trimmed — BTIG lowered its target from $37 to $35 but kept a buy rating; the cut is mildly negative sentiment-wise even though upside remains. Benzinga: BTIG Lowers Target

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.