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

Charles Schwab Investment Management Inc. grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 about 0.36% of DraftKings worth $124,470,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. LRI Investments LLC purchased a new stake in DraftKings during the 1st quarter valued at about $31,000. Alta Advisers Ltd purchased a new stake in shares of DraftKings during the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings during the second quarter valued at approximately $39,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV raised its holdings in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred 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 sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock valued at $29,902,158 over the last ninety days. 48.94% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on DKNG. Barclays lifted their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Wells Fargo & Company raised their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. The Goldman Sachs Group decreased their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, TD Cowen raised their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Price Performance

NASDAQ DKNG opened at $43.00 on Tuesday. The stock has a market cap of $37.87 billion, a price-to-earnings ratio of -48.86 and a beta of 1.82. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company’s 50 day moving average is $39.02 and its two-hundred day moving average is $37.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

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

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.