Charles Schwab Investment Management Inc. Has $120.58 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Charles Schwab Investment Management Inc. raised its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,241,297 shares of the company's stock after buying an additional 66,042 shares during the period. Charles Schwab Investment Management Inc. owned about 0.37% of DraftKings worth $120,576,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co increased its position in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company's stock worth $271,000 after purchasing an additional 249 shares during the period. Claro Advisors LLC boosted its stake in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP grew its position in shares of DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after buying an additional 271 shares during the period. Westside Investment Management Inc. raised its stake in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after buying an additional 288 shares during the last quarter. Finally, Nvwm LLC lifted its holdings in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after buying an additional 312 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on DKNG shares. JMP Securities reiterated a "market outperform" rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, February 14th. JPMorgan Chase & Co. boosted their target price on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Argus set a $60.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned 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 $54.44.

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DraftKings Stock Performance

NASDAQ DKNG opened at $39.41 on Friday. The firm has a market capitalization of $19.31 billion, a P/E ratio of -37.18, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm's fifty day moving average price is $42.06 and its two-hundred day moving average price is $40.04. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company's stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,783,488 shares of company stock worth $118,128,867. 51.19% of the stock is owned by company insiders.

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.

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