Principal Financial Group Inc. boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,768 shares of the company's stock after buying an additional 29,991 shares during the quarter. Principal Financial Group Inc.'s holdings in DraftKings were worth $9,203,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in DKNG. Alta Advisers Ltd acquired a new stake in DraftKings in the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings during the second quarter worth $39,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings in the third quarter valued at $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at $46,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in DraftKings during the 2nd quarter worth about $47,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
DKNG has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Barclays lifted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, November 11th. BNP Paribas upgraded shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Macquarie boosted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Finally, Morgan Stanley increased their price objective on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.
Read Our Latest Report on DKNG
DraftKings Stock Performance
Shares of DraftKings stock traded up $0.10 on Tuesday, hitting $37.20. The stock had a trading volume of 6,560,623 shares, compared to its average volume of 10,046,742. The stock has a market cap of $32.76 billion, a price-to-earnings ratio of -42.27 and a beta of 1.87. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company's 50 day moving average price is $40.28 and its 200 day moving average price is $38.09.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current year.
Insider Buying and Selling
In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 852,183 shares of company stock worth $33,503,025 in the last 90 days. Company insiders own 51.19% of the company's stock.
DraftKings Company Profile
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Free Report)
DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.
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