Principal Financial Group Inc. Sells 5,328 Shares of DraftKings Inc. (NASDAQ:DKNG)

Principal Financial Group Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 229,440 shares of the company’s stock after selling 5,328 shares during the period. Principal Financial Group Inc.’s holdings in DraftKings were worth $8,535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in DKNG. Pine Valley Investments Ltd Liability Co raised its position in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the last quarter. Claro Advisors LLC raised its position in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP raised its position in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after acquiring an additional 288 shares in the last quarter. Finally, Nvwm LLC lifted its stake in shares of DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.86 on Friday. The firm has a market cap of $21.49 billion, a PE ratio of -41.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. The firm’s 50 day simple moving average is $41.78 and its 200-day simple moving average is $39.79. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last issued 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,573,488 shares of company stock worth $109,600,767. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DKNG shares. JPMorgan Chase & Co. boosted their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research note on Tuesday, February 18th. TD Cowen dropped their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Susquehanna dropped their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Finally, Macquarie upped their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

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.