MoffettNathanson downgraded DraftKings (DKNG) and Flutter Entertainment (FLUT) from Buy to Neutral, citing valuation concerns.
Following the downgrades, DraftKings fell 1.49%, Flutter dropped 0.80%, while Penn Entertainment slipped 1.16% and Super Group rose 0.40%.
Analysts noted the stocks had already retreated from 2024 highs and further declined in early 2025 before the rating changes.