7,428,182 Shares in DraftKings Inc. (NASDAQ:DKNG) Bought by Norges Bank

Norges Bank purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 7,428,182 shares of the company's stock, valued at approximately $276,328,000. Norges Bank owned about 1.52% of DraftKings at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased 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 valued at $1,602,327,000 after purchasing an additional 584,452 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after buying an additional 284,131 shares during the period. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the 4th quarter valued at about $246,765,000. FMR LLC raised its stake in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in DraftKings by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock worth $120,576,000 after acquiring an additional 66,042 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares of the company's stock, valued at $67,704. This represents a 67.97 % 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.

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DraftKings Stock Down 8.3 %

NASDAQ:DKNG traded down $2.86 during trading hours on Thursday, hitting $31.57. 5,100,151 shares of the stock traded hands, compared to its average volume of 10,524,958. The firm has a 50 day moving average price of $41.59 and a 200 day moving average price of $40.25. The firm has a market cap of $15.78 billion, a price-to-earnings ratio of -29.78, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on DKNG shares. Morgan Stanley upped their target price on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, February 24th. BTIG Research set a $59.00 price objective on DraftKings in a research note on Monday, February 3rd. Piper Sandler reiterated an "overweight" rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Truist Financial upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Finally, JMP Securities reissued a "market outperform" rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.42.

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.