Truist Securities Cuts DraftKings (DKNG) Price Target to $26

By TradeTexts Research Desk Oct 22, 2026, 11:16 AM EDT

Key Points

Truist Securities maintained a Buy rating on DraftKings Inc. on October 20, 2026, while adjusting its price target to $26 from $29.
Truist Securities's $26 price target implies 24.55% upside from DraftKings Inc.'s ($DKNG) current $20.88 share price.
DraftKings recently traded around $20.88, sitting below its 50-day moving average and its consensus target mean price.
The digital sports entertainment and gaming company reports its upcoming financial results on November 5, 2026.

Since the rating, $DKNG is up 3.1% to date (from the $20.48 close on Oct 20, 2026).

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Truist Securities kept its Buy rating on DraftKings Inc. (DKNG) on October 20, 2026, while lowering its price target from $29 to $26. According to the firm's research note on that date, the analyst team chose to maintain its positive stance on the gaming platform despite trimming the expected price path. DraftKings closed at $20.48 on the day of the announcement.

DKNG DraftKings Inc.

$21.11 -40.80% year to date

Daily close · Oct 22, 2026

Analyst rating track record

Truist Securities vs. the S&P 500

YTD return +1.34% hypothetical

All-time return +1.34% S&P 500 +0.65%

vs. S&P 500 +0.69% ahead of the index

Hypothetical returns from Truist Securities's disclosed trades, not real profit or advice. How we model this.

Truist Securities' Call on DraftKings

In its October 20 update, Truist Securities reaffirmed its Buy stance on DraftKings while bringing down its price target to $26 from $29. The adjustment places the firm's target closer to where the stock has traded recently, though it still signals room for upside compared to recent trading levels.

Other Institutional Activity in DraftKings

Large financial institutions adjusted their positions in DraftKings during the middle of the year. CIBC Bancorp USA Inc. grew its holdings by 25,080,270 shares, ending with 37,316,338 shares worth about $777.7 million. AQR Capital Management, LLC grew its holdings by 6,814,837 shares, ending with 29,668,081 shares worth about $618.3 million. Jupiter Topco LLC grew its holdings by 12,637,122 shares, ending with 25,274,243 shares worth about $526.7 million. Spruce House Investment Management LLC kept its position steady, ending with 9,650,000 shares worth about $201.1 million.

DraftKings Inc. Stock Up 1.9%

DraftKings recently traded around $20.88 as of October 22, 2026, which is up about 2.0% from its $20.48 close on the date of Truist's rating update. The shares have traded between a 52-week low of $18.35 and a high of $36.98. The recent price sits below both its 50-day moving average of $22.49 and its 200-day moving average of $24.74.

12-month forecast

$DKNG price target

DraftKings Inc. daily closes and this analyst's $26 target. Not advice.

Recent Earnings

DraftKings posted $6.22 billion in trailing-twelve-month revenue alongside a basic trailing-twelve-month loss of $0.35 per share. The company reported a net profit margin of negative 2.7% and a return on equity of negative 21.1%. Year-over-year revenue growth stood at negative 4.6%. The company's next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at DraftKings Inc.

Company insiders completed several share sales earlier in the year. Director Woodrow Levin sold 34,234 shares on May 18 at an average price of $25.71 for a total value of $880,156. Officer Erik Bradbury sold 862 shares on May 20 at an average price of $25.33 for a total value of $21,834. Officer Robert Stanton Dodge sold 62,500 shares on June 11 for a total value of $1,855,202. Director Jocelyn Moore sold 10,759 shares on August 19 at an average price of $24.05 for a total value of $258,754.

Analysts Set New Price Targets

Wall Street firms have actively updated their views on the stock through October. On October 12, Citigroup maintained a Buy rating and lowered its price target to $28 from $32. Morgan Stanley maintained an Overweight rating on October 19, moving its target to $31 from $36. Wells Fargo maintained an Overweight rating on October 19, raising its target to $30 from $29. JP Morgan maintained an Overweight rating on October 20, lowering its target to $30 from $33. Across the broader analyst community, DraftKings carries a consensus recommendation key of strong_buy with a target mean price of $34.06 based on 36 analyst opinions.

About DraftKings

DraftKings operates as a digital sports entertainment and gaming business. Based in Boston, Massachusetts, the company provides online sports betting, daily fantasy sports, prediction markets, and online casino products like blackjack and roulette to customers across various markets. Analyst evaluations and institutional holdings continue to track the company's path toward profitability as it expands its footprint in digital entertainment.

Bottom Line

Truist Securities remains optimistic about DraftKings despite adjusting its target downward. Investors will look toward the upcoming earnings release on November 5, 2026, for fresh details on revenue trends and operational performance.