Norges Bank Makes New $276.33 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Norges Bank bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, HoldingsChannel.com reports. The firm bought 7,428,182 shares of the company’s stock, valued at approximately $276,328,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co grew its position in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares in the last quarter. Claro Advisors LLC grew its holdings in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP lifted its holdings in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares during the period. Westside Investment Management Inc. boosted its position in DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the last quarter. Finally, Nvwm LLC grew its stake in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 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 200,000 shares of the business’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 value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,775,525 shares of company stock worth $117,241,446. Corporate insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on DKNG. Barclays boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. TD Cowen reduced their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Needham & Company LLC set a $65.00 target price on DraftKings in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.42.

DraftKings Stock Performance

NASDAQ:DKNG opened at $35.29 on Friday. The stock has a market cap of $17.64 billion, a P/E ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The business’s 50-day moving average price is $42.01 and its two-hundred day moving average price is $40.35. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.