PNC Financial Services Group Inc. Purchases 1,021 Shares of DraftKings Inc. (NASDAQ:DKNG)

PNC Financial Services Group Inc. increased its position in DraftKings Inc. (NASDAQ:DKNGFree Report) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,018 shares of the company’s stock after purchasing an additional 1,021 shares during the quarter. PNC Financial Services Group Inc.’s holdings in DraftKings were worth $2,045,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in DraftKings by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after acquiring an additional 109,406 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after acquiring an additional 2,022,000 shares during the last quarter. Norges Bank purchased a new position in DraftKings in the 4th quarter worth $192,140,000. Ameriprise Financial Inc. raised its stake in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after acquiring an additional 3,444,107 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after acquiring an additional 781,058 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 0.5 %

DKNG stock opened at $40.81 on Tuesday. DraftKings Inc. has a one year low of $22.92 and a one year high of $49.57. The firm has a market cap of $35.47 billion, a PE ratio of -34.58 and a beta of 1.87. The firm’s 50 day moving average price is $43.87 and its 200-day moving average price is $40.42. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNGGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the company posted ($0.87) earnings per share. The company’s revenue was up 52.7% on a year-over-year basis. On average, equities research analysts anticipate that DraftKings Inc. will post -0.19 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 600,000 shares of company stock worth $25,434,000. Insiders own 48.94% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Truist Financial restated a “buy” rating and issued a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Benchmark raised their target price on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, May 6th. BTIG Research lifted their price objective on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Finally, JMP Securities reiterated a “market outperform” rating and set a $52.00 price objective on shares of DraftKings in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.21.

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DraftKings Profile

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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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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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