Pitcairn Co. Has $933,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Pitcairn Co. grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 69.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,072 shares of the company’s stock after purchasing an additional 10,258 shares during the period. Pitcairn Co.’s holdings in DraftKings were worth $933,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in DKNG. Vanguard Group Inc. raised its holdings in shares of DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. Geode Capital Management LLC increased its position in DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after buying an additional 89,988 shares during the last quarter. Norges Bank bought a new position in DraftKings during the fourth quarter valued at about $276,328,000. Massachusetts Financial Services Co. MA lifted its position in shares of DraftKings by 18.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock worth $252,867,000 after buying an additional 1,036,763 shares during the last quarter. Finally, Baillie Gifford & Co. bought a new stake in shares of DraftKings during the 4th quarter worth about $246,765,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Down 2.3 %

Shares of DKNG opened at $31.67 on Friday. The business’s 50 day simple moving average is $41.21 and its 200-day simple moving average is $40.15. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market capitalization of $15.83 billion, a P/E ratio of -29.88, a PEG ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on DKNG shares. Canaccord Genuity Group increased their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Argus set a $60.00 price target on shares of DraftKings in a report on Tuesday, February 18th. Morgan Stanley raised their price target on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Piper Sandler reissued an “overweight” rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.42.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by corporate insiders.

DraftKings 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.