Pitcairn Co. Purchases 46,570 Shares of DraftKings Inc. $DKNG

Pitcairn Co. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 187.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,406 shares of the company’s stock after acquiring an additional 46,570 shares during the quarter. Pitcairn Co.’s holdings in DraftKings were worth $3,063,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its holdings in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Summit Securities Group LLC grew its position in shares of DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after buying an additional 810 shares during the period. Atlantic Union Bankshares Corp bought a new stake in shares of DraftKings during the second quarter worth approximately $45,000. Ameritas Advisory Services LLC bought a new stake in shares of DraftKings during the second quarter worth approximately $48,000. Finally, 1 North Wealth Services LLC acquired a new position in DraftKings in the first quarter valued at approximately $49,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Berenberg Bank set a $43.00 target price on shares of DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Benchmark restated a “buy” rating on shares of DraftKings in a research report on Monday, November 17th. JPMorgan Chase & Co. decreased their price objective on DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Oppenheimer dropped their price objective on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Finally, Truist Financial reduced their target price on DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.48.

DraftKings Price Performance

DKNG opened at $35.52 on Friday. The stock has a market cap of $17.68 billion, a P/E ratio of -62.32, a P/E/G ratio of 2.94 and a beta of 1.60. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The company has a fifty day simple moving average of $32.33 and a 200 day simple moving average of $38.91.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted ($0.60) earnings per share. The business’s revenue was up 4.4% on a year-over-year basis. On average, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, Director Gregory Westin Wendt bought 10,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the transaction, the insider directly owned 512,182 shares in the company, valued at approximately $17,332,238.88. The trade was a 9.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 in the last quarter. 51.19% of the stock is owned by company 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.