DraftKings Jumps on Buying from Cathie Wood's ARK, Norway's Wealth Fund

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DraftKings Jumps on Buying from Cathie Wood's ARK, Norway's Wealth Fund
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com - DraftKings (NASDAQ: DKNG ) shares jumped 9% on Wednesday after reports that Cathie Wood's ARK and the Norwegian sovereign wealth fund were buying the company’s shares.

Adding to the optimism, a number of analysts Increased their target prices for the stock.

Wood and her ARK Invest have bought 949,200 shares of DraftKings for the ARK Innovation ETF (NYSE: ARKK ), according to Seeking Alpha.

According to Yahoo (NASDAQ: AABA ), Norway's sovereign wealth fund, which owns $1.3 trillion of equities worldwide, has added DraftKings to its portfolio.

Rosenblatt Securities analyst Bernie McTernan on Wednesday reiterated his ‘buy’ rating on DraftKings with a price target of $81, which is approximately 19% above the present share price.

Needham & Company analyst Chris Pierce has reiterated a ‘buy’ with a price target of $80, as per Benzinga.

The current consensus among 21 analysts tracked by TipRanks is for a ‘moderate buy’ rating of shares in DraftKings, with an average price target of $71. Price targets range from a high of $105 to a low of $41.

Stocks that could gain from the reopening of the economy or a faster Covid-19 vaccine rollout are finding favor with the investors. DraftKings could be among the bigger beneficiaries as states contemplate making mobile gaming and sports betting legal.


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