PNC Financial Services Group Inc. Purchases 1,444 Shares of DraftKings Inc. (NASDAQ:DKNG)

PNC Financial Services Group Inc. increased its position in DraftKings Inc. (NASDAQ:DKNG) by 4.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,663 shares of the company’s stock after purchasing an additional 1,444 shares during the quarter. PNC Financial Services Group Inc.’s holdings in DraftKings were worth $1,327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Candriam S.C.A. boosted its position in DraftKings by 11.4% during the 4th quarter. Candriam S.C.A. now owns 25,623 shares of the company’s stock valued at $953,000 after acquiring an additional 2,615 shares in the last quarter. Vestmark Advisory Solutions Inc. boosted its position in DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after acquiring an additional 26,164 shares in the last quarter. Arizona State Retirement System boosted its position in DraftKings by 1.5% during the 4th quarter. Arizona State Retirement System now owns 126,891 shares of the company’s stock valued at $4,720,000 after acquiring an additional 1,932 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of DraftKings during the 4th quarter valued at $2,924,000. Finally, M&T Bank Corp lifted its holdings in shares of DraftKings by 1.8% during the 4th quarter. M&T Bank Corp now owns 39,970 shares of the company’s stock valued at $1,487,000 after purchasing an additional 710 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

NASDAQ:DKNG opened at $37.87 on Monday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50-day moving average price is $42.14 and its 200-day moving average price is $40.16.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,558,412 shares of company stock worth $108,506,588. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on DKNG shares. Cowen reiterated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Wells Fargo & Company increased their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Truist Financial increased their price objective on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Barclays increased their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $54.44.

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.