PNC Financial Services Group Inc. Has $1.44 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• PNC Financial Services Group Inc. increased its investment in DraftKings Inc. by 21.5%, owning 43,315 shares worth approximately $1.44 million as of its latest SEC filing.
• Analysts maintain a consensus rating of "Moderate Buy" on DraftKings, with an average price target of $54.78 and multiple firms issuing strong buy ratings.
• DraftKings reported a revenue increase of 36.9% year-over-year, reaching $1.51 billion, with earnings per share of $0.30, exceeding analysts’ estimates.

PNC Financial Services Group Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,315 shares of the company's stock after buying an additional 7,652 shares during the period. PNC Financial Services Group Inc.'s holdings in DraftKings were worth $1,438,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the 4th quarter worth $25,000. FNY Investment Advisers LLC bought a new stake in shares of DraftKings in the 1st quarter worth $26,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of DraftKings in the 1st quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the 4th quarter worth $28,000. Finally, GPS Wealth Strategies Group LLC grew its stake in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Macquarie reduced their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. began coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target for the company. Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. Finally, Susquehanna restated a "positive" rating and set a $64.00 price target on shares of DraftKings in a research report on Friday. One research analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.78.

DraftKings Trading Down 5.1%

Shares of DraftKings stock opened at $42.88 on Friday. DraftKings Inc. has a 12-month low of $29.29 and a 12-month high of $53.61. The company has a market cap of $38.13 billion, a price-to-earnings ratio of -65.97, a PEG ratio of 1.44 and a beta of 1.70. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The company's 50-day moving average price is $41.49 and its 200-day moving average price is $39.42.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.23%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm posted $0.12 earnings per share. The company's revenue for the quarter was up 36.9% on a year-over-year basis. On average, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the sale, the insider directly owned 500,000 shares of the company's stock, valued at $22,300,000. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider directly owned 4,155,130 shares in the company, valued at $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 642,181 shares of company stock valued at $25,550,925. Corporate insiders own 51.19% of the company's stock.

About DraftKings

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.

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