PNC Financial Services Group Inc. Has $1.34 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

PNC Financial Services Group Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 41.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,219 shares of the company’s stock after selling 23,933 shares during the period. PNC Financial Services Group Inc.’s holdings in DraftKings were worth $1,341,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of DKNG. Marshall Wace LLP raised its position in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. raised its stake in DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP acquired a new position in shares of DraftKings in the 2nd quarter valued at about $39,306,000. AQR Capital Management LLC grew its holdings in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares during the period. Finally, Mizuho Securities USA LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at about $28,028,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DKNG. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. TD Cowen boosted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.04.

DraftKings Stock Down 0.1 %

Shares of NASDAQ DKNG opened at $43.03 on Thursday. 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 12 month low of $28.69 and a 12 month high of $49.57. The firm has a fifty day simple moving average of $39.20 and a two-hundred day simple moving average of $37.92. The firm has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock valued at $29,902,158 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

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.