Principal Financial Group Inc. Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Principal Financial Group Inc. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 179,187 shares of the company’s stock after selling 50,253 shares during the quarter. Principal Financial Group Inc.’s holdings in DraftKings were worth $5,951,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Beacon Pointe Advisors LLC raised its position in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV grew its position in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after purchasing an additional 217 shares during the period. Snowden Capital Advisors LLC increased its stake in shares of DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after purchasing an additional 296 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in DraftKings by 16.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock valued at $92,000 after buying an additional 353 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director owned 5,947 shares in the company, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the sale, the insider directly owned 504,381 shares in the company, valued at $19,670,859. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of several research reports. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Thursday, April 24th. Macquarie lowered their price target on DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, May 12th. Northland Securities set a $50.00 target price on shares of DraftKings in a research note on Friday, April 25th. JMP Securities lowered their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Thursday, June 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

DraftKings Stock Down 1.0%

NASDAQ:DKNG opened at $43.36 on Thursday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The stock’s fifty day moving average is $38.65 and its two-hundred day moving average is $38.72. The stock has a market capitalization of $38.56 billion, a price-to-earnings ratio of -52.24, a price-to-earnings-growth ratio of 1.39 and a beta of 1.67. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings Company Profile

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.