DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 1.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,658 shares of the company’s stock after purchasing an additional 978 shares during the quarter. DnB Asset Management AS’s holdings in DraftKings were worth $2,628,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Level Four Advisory Services LLC increased its stake in shares of DraftKings by 15.4% in the 4th quarter. Level Four Advisory Services LLC now owns 8,559 shares of the company’s stock worth $318,000 after acquiring an additional 1,143 shares during the last quarter. Norges Bank purchased a new position in DraftKings during the fourth quarter worth about $276,328,000. Amica Mutual Insurance Co. boosted its holdings in DraftKings by 9.5% in the 4th quarter. Amica Mutual Insurance Co. now owns 31,981 shares of the company’s stock valued at $1,190,000 after purchasing an additional 2,764 shares during the last quarter. WINTON GROUP Ltd grew its stake in shares of DraftKings by 12.6% in the 4th quarter. WINTON GROUP Ltd now owns 42,073 shares of the company’s stock valued at $1,565,000 after buying an additional 4,704 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of DraftKings by 3.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 519,044 shares of the company’s stock worth $19,438,000 after buying an additional 18,150 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Down 0.1 %

Shares of NASDAQ DKNG opened at $33.19 on Wednesday. The business has a 50-day moving average of $41.72 and a two-hundred day moving average of $40.29. The company has a market capitalization of $16.59 billion, a price-to-earnings ratio of -31.31, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

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

Wall Street Analyst Weigh In

DKNG has been the subject of several analyst reports. Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. BTIG Research set a $59.00 target price on shares of DraftKings in a research report on Monday, February 3rd. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Finally, Truist Financial boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.42.

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.