Principal Financial Group Inc. Has $9.20 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Principal Financial Group Inc. grew its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 234,768 shares of the company's stock after purchasing 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 and hedge funds have also modified their holdings of DKNG. Janney Montgomery Scott LLC boosted its stake in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the period. Sanctuary Advisors LLC acquired a new stake in DraftKings in the 2nd quarter worth $1,530,000. Romano Brothers AND Company acquired a new position in shares of DraftKings during the third quarter valued at about $1,181,000. US Bancorp DE grew its position in DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company's stock worth $33,701,000 after buying an additional 450,773 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of DraftKings by 63.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company's stock worth $3,129,000 after acquiring an additional 31,880 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Mizuho boosted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Bank of America lowered their price objective on DraftKings from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, July 22nd. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Susquehanna lifted their price objective on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a report on Monday, October 7th. Finally, Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.85.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares of the company's stock, valued at $89,045,934.12. This represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock valued at $39,966,465 in the last 90 days. 48.94% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of DKNG traded up $0.57 on Tuesday, hitting $42.92. The company's stock had a trading volume of 4,699,865 shares, compared to its average volume of 10,370,075. The firm's fifty day moving average price is $38.48 and its 200-day moving average price is $37.88. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, analysts predict that DraftKings Inc. will post -0.73 EPS for the current year.

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.