Citigroup Cuts DraftKings (NASDAQ:DKNG) Price Target to $32.00

Posted by Patrick Bannon on Feb 20th, 2026

DraftKings (NASDAQ:DKNG – Free Report) had its target price decreased by Citigroup from $48.00 to $32.00 in a research report report published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

DKNG has been the subject of several other reports. Sanford C. Bernstein set a $28.00 price objective on shares of DraftKings in a research report on Monday. UBS Group restated a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. Wells Fargo & Company set a $30.00 price objective on DraftKings in a research report on Monday. Benchmark dropped their price objective on DraftKings from $37.00 to $29.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Finally, Needham & Company LLC cut their target price on DraftKings from $52.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday. Twenty-four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $37.89.

View Our Latest Report on DraftKings

DraftKings Trading Down 3.1%

NASDAQ DKNG opened at $22.49 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings has a 52 week low of $21.01 and a 52 week high of $50.50. The stock has a market capitalization of $11.09 billion, a PE ratio of -562.25, a price-to-earnings-growth ratio of 0.46 and a beta of 1.67. The firm has a 50 day moving average of $31.22 and a two-hundred day moving average of $35.64.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $16,005,000. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry Sloan bought 100,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was acquired at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the completion of the acquisition, the director directly owned 350,219 shares in the company, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 51.19% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several hedge funds have recently made changes to their positions in DKNG. Dagco Inc. purchased a new stake in DraftKings during the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. grew its stake in shares of DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $33,000. Asset Dedication LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $37,000. Finally, Montag A & Associates Inc. raised its stake in shares of DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

Positive Sentiment: Director Harry Sloan bought 100,000 shares at about $21.85, increasing his stake ~40% — a material insider purchase that can signal management confidence and support demand under the stock. Harry Sloan Acquires 100,000 Shares of DraftKings (NASDAQ:DKNG) Stock
Positive Sentiment: Barclays reiterated a Buy, offering institutional validation that may attract buyers despite mixed Street sentiment. DraftKings (DKNG) Gets a Buy from Barclays
Neutral Sentiment: DraftKings and FanDuel are weighing a launch in Arkansas; entry could add growth but the state’s strict revenue‑sharing model may limit near‑term margin/earnings impact. FanDuel and DraftKings eye Arkansas sports betting launch despite strict revenue-sharing model
Negative Sentiment: Multiple brokers cut price targets after Q4 2025 results and a reduced FY2026 revenue outlook — Needham cut its PT to $35 (from $52), JPMorgan to $32, Oppenheimer to $35, Mizuho to $44 and others issued lower targets or more cautious commentary. These cuts lower near‑term upside expectations and are the main driver of today’s weakness. Needham Lowers DraftKings (DKNG) PT to $35 Following Earnings Miss, Reduced Revenue Outlook
Negative Sentiment: Broader Street skepticism (Goldman, Citi, Truist flagged downside/pessimism) and negative commentary pieces are pressuring retail sentiment and may amplify selling into the weaker technicals (stock near its 52‑week low and below 50/200‑day averages). The Goldman Sachs Group Issues Pessimistic Forecast for DraftKings (NASDAQ:DKNG) Stock Price

DraftKings Company Profile

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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.