DraftKings (NASDAQ:DKNG) Given New $20.00 Price Target at Morgan Stanley

DraftKings (NASDAQ:DKNGGet Rating) had its target price cut by Morgan Stanley from $28.00 to $20.00 in a research report sent to investors on Monday, Marketbeat Ratings reports. They currently have an overweight rating on the stock.

DKNG has been the topic of several other research reports. Benchmark cut their price target on DraftKings from $30.00 to $23.00 and set a buy rating on the stock in a report on Wednesday, October 12th. Susquehanna Bancshares raised their price target on shares of DraftKings from $20.00 to $24.00 and gave the company a positive rating in a research note on Tuesday, September 6th. Piper Sandler initiated coverage on DraftKings in a research report on Friday, November 18th. They set an overweight rating and a $21.00 price objective for the company. Canaccord Genuity Group lowered their target price on DraftKings from $32.00 to $28.00 and set a buy rating on the stock in a research report on Monday, November 7th. Finally, Barclays cut their target price on DraftKings from $18.00 to $15.00 and set an equal weight rating on the stock in a research note on Monday, November 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of Moderate Buy and an average target price of $23.96.

DraftKings Stock Up 4.4 %

Shares of NASDAQ:DKNG opened at $15.34 on Monday. The company has a market cap of $12.91 billion, a PE ratio of -4.46 and a beta of 1.77. DraftKings has a fifty-two week low of $9.77 and a fifty-two week high of $36.57. The firm has a 50-day simple moving average of $14.86 and a 200 day simple moving average of $14.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DKNG. Vanguard Group Inc. boosted its position in DraftKings by 6.5% during the 3rd quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock worth $524,322,000 after acquiring an additional 2,121,342 shares during the period. Nikko Asset Management Americas Inc. grew its position in DraftKings by 8.4% during the first quarter. Nikko Asset Management Americas Inc. now owns 13,326,147 shares of the company’s stock valued at $261,726,000 after purchasing an additional 1,035,220 shares in the last quarter. HG Vora Capital Management LLC acquired a new position in DraftKings in the 1st quarter valued at approximately $126,555,000. Contrarius Investment Management Ltd purchased a new stake in DraftKings in the 2nd quarter worth approximately $69,110,000. Finally, DAVENPORT & Co LLC lifted its position in DraftKings by 115.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 5,184,744 shares of the company’s stock worth $60,536,000 after buying an additional 2,774,000 shares in the last quarter. Hedge funds and other institutional investors own 29.18% of the company’s stock.

About DraftKings

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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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Analyst Recommendations for DraftKings (NASDAQ:DKNG)

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