Morgan Stanley Trims DraftKings (NASDAQ:DKNG) Target Price to $20.00

DraftKings (NASDAQ:DKNGGet Rating) had its price objective reduced by Morgan Stanley from $28.00 to $20.00 in a research note released on Monday morning, MarketBeat reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Exane BNP Paribas assumed coverage on shares of DraftKings in a research report on Thursday, October 6th. They set an underperform rating for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on DraftKings from $16.00 to $14.00 and set a hold rating on the stock in a report on Monday, November 7th. Barclays decreased their target price on DraftKings from $18.00 to $15.00 and set an equal weight rating for the company in a research note on Monday, November 7th. Roth Capital upgraded shares of DraftKings from a neutral rating to a buy rating and increased their price target for the company from $18.00 to $25.00 in a research note on Wednesday, August 17th. Finally, Needham & Company LLC reduced their price objective on shares of DraftKings from $25.00 to $20.00 and set a buy rating for the company in a research report on Monday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $23.96.

DraftKings Stock Performance

NASDAQ DKNG opened at $15.34 on Monday. The firm has a market cap of $12.91 billion, a price-to-earnings ratio of -4.46 and a beta of 1.77. DraftKings has a one year low of $9.77 and a one year 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.

Hedge Funds Weigh In On DraftKings

A number of large investors have recently made changes to their positions in DKNG. Capital Impact Advisors LLC purchased a new stake in DraftKings during the third quarter worth about $58,000. FourThought Financial LLC boosted its stake in shares of DraftKings by 2,409.8% during the 3rd quarter. FourThought Financial LLC now owns 3,087 shares of the company’s stock worth $47,000 after acquiring an additional 2,964 shares in the last quarter. River & Mercantile Asset Management LLP grew its holdings in shares of DraftKings by 72.6% in the 3rd quarter. River & Mercantile Asset Management LLP now owns 163,716 shares of the company’s stock worth $2,479,000 after acquiring an additional 68,840 shares during the period. Spotlight Asset Group Inc. purchased a new position in DraftKings in the 3rd quarter valued at approximately $144,000. Finally, Captrust Financial Advisors raised its holdings in DraftKings by 50.4% during the third quarter. Captrust Financial Advisors now owns 23,044 shares of the company’s stock worth $349,000 after purchasing an additional 7,722 shares during 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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