Norges Bank Acquires Shares of 8,254,956 DraftKings Inc. $DKNG

Norges Bank acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel reports. The firm acquired 8,254,956 shares of the company’s stock, valued at approximately $284,466,000.

A number of other institutional investors also recently bought and sold shares of DKNG. Integrated Wealth Concepts LLC increased its stake in DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after purchasing an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after purchasing an additional 40,495 shares during the period. Empowered Funds LLC increased its stake in DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after purchasing an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new position in DraftKings in the second quarter valued at $603,000. Finally, Daiwa Securities Group Inc. increased its stake in DraftKings by 2.2% in the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction dated 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 owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated 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 directly owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 521,663 shares of company stock valued at $13,144,962. Corporate insiders own 47.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DKNG. Berenberg Bank set a $26.40 price objective on shares of DraftKings in a research note on Tuesday, February 24th. Northland Securities set a $27.00 target price on shares of DraftKings in a report on Monday, May 11th. HSBC raised shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Stifel Nicolaus lowered their target price on shares of DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $32.00 target price on shares of DraftKings in a report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.15.

DraftKings Stock Down 3.9%

DKNG stock opened at $25.30 on Wednesday. The company has a market cap of $12.55 billion, a P/E ratio of 421.67 and a beta of 1.66. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The company’s 50-day moving average price is $23.64 and its 200 day moving average price is $27.73. 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 released its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) EPS. On average, research analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

DraftKings 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.