TLDR ARK ETFs sold 480,919 DraftKings (DKNG) shares worth $11.16 million on February 19, continuing a two-day selling streak Needham cut its DKNG price target from $52 to $35, keeping a Buy rating after a Q4 2025 earnings miss Northland lowered its target from $30 to $24 with a Market Perform rating, citing heavy investment cycles TD Cowen slashed its target from $45 to $30, noting the stock sold off despite Q4 results beating expectations Multiple analysts flagged DraftKings’ weaker 2026 guidance as the core concern, driven by prediction market spending
DraftKings (DKNG) had a rough week. The stock is dealing with analyst price target cuts from multiple firms and a notable exit by Cathie Wood’s ARK Invest.
DraftKings Inc., DKNG
On February 19, ARK ETFs sold 480,919 DKNG shares through its ARKK fund, totaling $11.16 million. This followed a similar sale the day before, signaling a clear reduction in ARK’s position.
The selling comes after DraftKings reported its Q4 2025 earnings, which disappointed investors on the guidance front.
Needham was one of the first to respond. The firm cut its price target from $52 to $35 on February 17, though it kept its Buy rating. The analyst said DraftKings needs to build a prediction market product that can compete with Kalshi to drive real revenue and cash flow growth.
Needham also pointed to the upcoming investor day as a potential positive catalyst, but said the company has work to do first.
Northland’s Greg Gibas took a more cautious stance. He lowered his price target from $30 to $24 and kept a Market Perform rating. Gibas cited a sharp downward revision to DraftKings’ 2026 guidance, which he said reflects both higher spending on prediction markets and costs tied to new jurisdiction launches.
He added