DraftKings Inc. (DKNG) shares plummeted 5.02% during intraday trading on Monday, marking a significant downward move for the sports betting company.

The sharp decline appears to be a reaction to Guggenheim analysts lowering their price target on DraftKings to $35 from $37, while maintaining a Buy rating on the shares. The reduction in the firm's valuation target likely contributed to negative investor sentiment during the trading session.

While other analysts maintained or raised their price targets on DraftKings around the same time, the downward revision from Guggenheim seemed to have a more pronounced impact on market psychology, driving the stock lower.