8,254,956 Shares in DraftKings Inc. $DKNG Acquired by Norges Bank

Norges Bank acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,254,956 shares of the company’s stock, valued at approximately $284,466,000. Norges Bank owned 1.66% of DraftKings as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the period. Citigroup Inc. boosted its position in DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after buying an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC purchased a new position in DraftKings in the 3rd quarter valued at approximately $4,492,000. Waycross Partners LLC purchased a new position in DraftKings in the 4th quarter valued at approximately $2,584,000. Finally, DAVENPORT & Co LLC boosted its position in DraftKings by 11.2% in the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after buying an additional 348,333 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. This trade represents a 69.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 521,663 shares of company stock worth $13,144,962 in the last ninety days. 47.18% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of DKNG opened at $25.30 on Wednesday. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The firm’s fifty day simple moving average is $23.64 and its 200-day simple moving average is $27.73. The firm has a market capitalization of $12.55 billion, a price-to-earnings ratio of 421.67 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business posted ($0.07) earnings per share. DraftKings’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities analysts forecast that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Citizens Jmp decreased their price target on shares of DraftKings from $38.00 to $34.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 1st. Sanford C. Bernstein reissued an “outperform” rating and issued a $30.00 price target on shares of DraftKings in a research report on Thursday, March 5th. New Street Research set a $29.00 price target on shares of DraftKings in a research report on Monday. Guggenheim decreased their price target on shares of DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Finally, BMO Capital Markets raised their price target on shares of DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $34.15.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.