Norges Bank Takes $276.33 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Norges Bank purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,428,182 shares of the company’s stock, valued at approximately $276,328,000. Norges Bank owned approximately 1.52% of DraftKings at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Baillie Gifford & Co. acquired a new stake in shares of DraftKings in the 4th quarter valued at $246,765,000. Contrarius Group Holdings Ltd acquired a new stake in DraftKings in the fourth quarter valued at about $58,397,000. FMR LLC grew its position in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the last quarter. Vanguard Group Inc. raised its stake in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. Finally, Mediolanum International Funds Ltd bought a new position in shares of DraftKings in the fourth quarter worth about $17,334,000. 37.70% of the stock is owned by institutional investors.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock valued at $117,241,446 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DKNG. Stifel Nicolaus lifted their price target on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. TD Cowen lowered their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. JMP Securities reissued a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. Morgan Stanley upped their target price on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

DraftKings Price Performance

DraftKings stock opened at $35.29 on Friday. The stock has a market capitalization of $17.64 billion, a price-to-earnings ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week 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. The stock’s 50 day moving average price is $42.01 and its two-hundred day moving average price is $40.35.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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%. On average, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share 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.