Pitcairn Co. Has $933,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Pitcairn Co. boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 69.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,072 shares of the company's stock after purchasing an additional 10,258 shares during the period. Pitcairn Co.'s holdings in DraftKings were worth $933,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. grew its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. raised its stake in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Stifel Financial Corp lifted its position in shares of DraftKings by 27.7% during the third quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock worth $7,669,000 after purchasing an additional 42,431 shares in the last quarter. Bryn Mawr Capital Management LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $874,000. Finally, Highland Capital Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $1,086,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares of the company's stock, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock worth $117,241,446 in the last quarter. 47.08% of the stock is owned by company insiders.

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DraftKings Price Performance

Shares of DraftKings stock traded down $1.49 during trading on Thursday, hitting $34.35. The stock had a trading volume of 5,569,021 shares, compared to its average volume of 9,733,815. The business has a fifty day moving average of $40.39 and a two-hundred day moving average of $39.96. The firm has a market cap of $17.17 billion, a P/E ratio of -32.38, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DKNG. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Benchmark increased their price target on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. JMP Securities set a $57.00 price objective on DraftKings in a report on Wednesday, April 2nd. BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Finally, Guggenheim lowered their price objective on DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.04.

About DraftKings

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.