Charles Schwab Investment Management Inc. Buys 86,336 Shares of DraftKings Inc. (NASDAQ:DKNG)

Charles Schwab Investment Management Inc. increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,175,255 shares of the company's stock after acquiring an additional 86,336 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.36% of DraftKings worth $124,470,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC raised its stake in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after buying an additional 350,215 shares during the period. Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Finally, Romano Brothers AND Company acquired a new position in DraftKings during the third quarter valued at $1,181,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research report on Monday, October 7th. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Truist Financial reissued a "buy" rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Finally, The Goldman Sachs Group dropped their price target on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.85.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % 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, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 735,246 shares of company stock worth $29,902,158. 48.94% of the stock is currently owned by company insiders.

DraftKings Stock Performance

NASDAQ DKNG traded up $0.06 during trading on Tuesday, hitting $43.06. The company's stock had a trading volume of 5,567,180 shares, compared to its average volume of 10,310,489. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The firm has a market cap of $37.92 billion, a P/E ratio of -48.93 and a beta of 1.82. The firm has a 50 day moving average price of $39.10 and a 200 day moving average price of $37.89. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

DraftKings 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.