Why DraftKings Shares Are Falling Today

DraftKings Inc DKNG is trading lower Tuesday after Wells Fargo analyst Daniel Politzer downgraded the stock from an Overweight rating to an Equal-Weight rating and lowered the price target from $41 to $19.

Several other analyst firms also lowered price targets on the stock:

• Needham analyst Bernie McTernan maintained DraftKings with a Buy rating and lowered the price target from $46 to $32.
• Deutsche Bank analyst Carlo Santarelli maintained DraftKings with a Hold rating and lowered the price target from $27 to $19.
• BofA Securities analyst Shaun Kelley maintained DraftKings with a Neutral rating and lowered the price target from $30 to $25.
• Truist Securities analyst Barry Jonas maintained DraftKings with a Hold rating and lowered the price target from $30 to $22.

On Friday, DraftKings reported its quarterly financial results. 

See Also: 'We'll Play The Long Game': DraftKings CEO Remains Confident In Strategy Despite Stock Plunge

DKNG Price Action: DraftKings has traded as high as $74.38 over a 52-week period. It's making new 52-week lows Tuesday.

The stock was down 5.21% at $16.39 at time of publication.

Photo: courtesy of DraftKings.