Principal Financial Group Inc. Has $9.20 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Principal Financial Group Inc. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 14.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Global Retirement Partners LLC grew its holdings in shares of DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after purchasing an additional 286 shares during the period. Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% during the 3rd 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 last quarter. Brown Lisle Cummings Inc. raised its stake in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares during the period. Finally, HighMark Wealth Management LLC boosted its holdings in shares of DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DKNG shares. JMP Securities lifted their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Wells Fargo & Company lifted their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $42.35 on Tuesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market capitalization of $37.30 billion, a PE 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. The firm’s 50-day moving average price is $38.48 and its 200 day moving average price is $37.88.

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

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.