PNC Financial Services Group Inc. Sells 23,933 Shares of DraftKings Inc. (NASDAQ:DKNG)

PNC Financial Services Group Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 41.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,219 shares of the company’s stock after selling 23,933 shares during the quarter. PNC Financial Services Group Inc.’s holdings in DraftKings were worth $1,341,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Global Retirement Partners LLC increased 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 worth $1,845,000 after purchasing an additional 273 shares during the last quarter. Hexagon Capital Partners LLC grew its position 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 acquiring an additional 286 shares during the last quarter. Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the period. Brown Lisle Cummings Inc. boosted its holdings in shares of DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after purchasing an additional 325 shares during the period. Finally, HighMark Wealth Management LLC grew its position in shares of DraftKings by 18.3% during 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 in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the firm’s 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 completion of the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock worth $29,902,158 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Truist Financial reissued a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. JMP Securities upped their price target on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Finally, Mizuho raised their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $51.04.

DraftKings Price Performance

NASDAQ:DKNG opened at $43.03 on Thursday. The company has a 50 day moving average price of $39.20 and a 200-day moving average price of $37.92. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm has a market cap of $37.89 billion, a price-to-earnings ratio of -48.90 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current 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.