DraftKings (NASDAQ:DKNG) Stock Price Down 3.7% – What’s Next?

Posted by Brian Himes on Sep 19th, 2026

Shares of DraftKings Inc. (NASDAQ:DKNG – Get Free Report) were down 3.7% on Thursday . The stock traded as low as $23.41 and last traded at $23.4240. 3,569,200 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 13,214,909 shares. The stock had previously closed at $24.33.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

Positive Sentiment: UBS maintained a Buy rating while trimming its price target modestly from $49 to $48. Needham also reaffirmed its Buy rating with a $35 target, implying considerable potential upside from current levels. DraftKings analyst ratings
Positive Sentiment: Several market commentaries argue that DraftKings’ roughly 35% decline in 2025 has created a valuation opportunity, with analysts still anticipating a possible recovery of approximately 50% or more. DraftKings stock plunges despite bullish analyst targets
Neutral Sentiment: Coverage describing DraftKings entering a “new phase” highlights ongoing strategic development, while a separate TRWD licensing announcement concerns another company and does not appear to provide a direct catalyst for DKNG. What is driving DraftKings into a new phase
Negative Sentiment: Prediction-market platform Kalshi is attracting substantial sports-event wagering volume following the start of the NFL season. Investors fear these event-contract platforms could compete with DraftKings for customer activity and betting dollars, despite CEO reassurances. DraftKings is losing to prediction markets
Negative Sentiment: Commentary remains cautious after DraftKings underperformed the broader market. Jim Cramer advised a caller to consider moving on from the stock, reinforcing concerns about execution, valuation, and the lack of a clear near-term catalyst. Jim Cramer discusses moving on from DraftKings

Wall Street Analyst Weigh In

DKNG has been the topic of a number of recent research reports. Jefferies Financial Group reissued a “buy” rating on shares of DraftKings in a research report on Wednesday, June 10th. Morgan Stanley decreased their price objective on DraftKings from $39.00 to $36.00 and set an “overweight” rating for the company in a report on Thursday, July 23rd. Benchmark increased their target price on shares of DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Barclays dropped their target price on shares of DraftKings from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Finally, Northland Securities set a $28.00 target price on shares of DraftKings in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.36.

Get Our Latest Report on DKNG

DraftKings Price Performance

The stock has a fifty day moving average price of $24.32 and a 200-day moving average price of $24.56. The firm has a market capitalization of $10.80 billion, a PE ratio of -57.24, a P/E/G ratio of 1.83 and a beta of 1.63. The company has a debt-to-equity ratio of 3.22, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG – Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.02 by $0.07. DraftKings had a negative return on equity of 11.26% and a negative net margin of 2.68%.The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the company posted $0.30 EPS. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. Sell-side analysts forecast that DraftKings Inc. will post 0.49 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 10,759 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director directly owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

Institutional Investors Weigh In On DraftKings

A number of hedge funds and other institutional investors have recently bought and sold shares of DKNG. Ascentis Independent Advisors purchased a new position in DraftKings in the first quarter worth $27,000. Basecamp Wealth Advisors LLC lifted its holdings in shares of DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after purchasing an additional 1,206 shares during the last quarter. CoreCap Advisors LLC boosted its position in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares in the last quarter. SHP Wealth Management purchased a new position in DraftKings during the 4th quarter worth $42,000. Finally, Root Financial Partners LLC grew its stake in DraftKings by 208.0% during the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock worth $60,000 after buying an additional 1,874 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Company Profile

(Get Free Report)

DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.

The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.