The markets are once again having another difficult day today. However, for investors in DraftKings (NASDAQ:DKNG), it’s quite the day to celebrate. Currently, shares of this online gambling platform are more than 10% higher, bringing newfound interest to analysts’ DKNG stock forecast.
We’ll get to those forecasts in a minute. However, let’s look at what might be driving this stock higher today.
Notably, DraftKings launched a free-to-play pool, which will result in $1 in donations to Out in Tech, in honor of Pride Month. It appears interest on this topic is robust, and investors have one little thing to jump on, to offset what has been an otherwise very bearish trend over the past year.
Now, other than this announcement, there’s really little news on the DraftKings front. Retail investors still like this stock, and are taking aim at previous short squeeze stocks as well. Perhaps there’s something brewing with DraftKings in this regard. We’ll see.
That said, let’s get to those analyst forecasts.
DKNG Stock Forecast
- First up, we have Citigroup’s Jason Bazinet, which maintained a “buy” rating while cutting his price target 20% to $28 per share. This price target downgrade was behind a previous move lower of around 10% in DKNG stock last week.
- Also rating DKNG stock as a “buy,” David Katz of Jeffries assigned a $33 price target to DraftKings in a report two weeks ago.
- This report was preceded by yet another “buy” rating which was reiterated by Morgan Stanley’s Thomas Allen three weeks ago. Allen placed a $31 price target on DraftKings.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.