Principal Financial Group Inc. Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Principal Financial Group Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.6% during the third quarter, HoldingsChannel.com reports. The fund 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 filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. LRI Investments LLC purchased a new stake in shares of DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd acquired a new stake in DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings in the 2nd quarter valued at approximately $39,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV increased its holdings in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $42.35 on Tuesday. The firm has a 50-day moving average of $38.48 and a two-hundred day moving average of $37.88. The company has a market capitalization of $37.30 billion, a price-to-earnings ratio of -48.13 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, analysts expect that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DKNG shares. JMP Securities boosted their price objective on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. Truist Financial restated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Oppenheimer dropped their target price on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. Finally, Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings 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.