Norges Bank Makes New $192.14 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Norges Bank bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 5,450,785 shares of the company’s stock, valued at approximately $192,140,000. Norges Bank owned approximately 0.63% of DraftKings as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $7,975,000. Deutsche Bank AG boosted its position in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth $209,000. Schonfeld Strategic Advisors LLC raised its stake in shares of DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after buying an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after buying an additional 1,237 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ DKNG opened at $41.90 on Thursday. DraftKings Inc. has a fifty-two week low of $22.92 and a fifty-two week high of $49.57. The business has a 50 day moving average price of $43.97 and a two-hundred day moving average price of $40.28. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s revenue was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.87) EPS. On average, equities analysts predict that DraftKings Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on DKNG shares. Wells Fargo & Company lifted their price target on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $58.00 price target on shares of DraftKings in a research note on Friday, May 3rd. Morgan Stanley lifted their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Oppenheimer lifted their price target on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group lifted their price target on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.21.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 51.19% of the stock is currently owned by corporate insiders.

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.