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

Charles Schwab Investment Management Inc. lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,175,255 shares of the company’s stock after purchasing an additional 86,336 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in DraftKings were worth $124,470,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Global Retirement Partners LLC increased its stake in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after buying an additional 273 shares during the period. Hexagon Capital Partners LLC boosted its position in DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. grew its position in shares of DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC increased its position in shares of DraftKings by 18.3% during the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after purchasing an additional 329 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the 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 completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock worth $29,902,158 over the last 90 days. Corporate insiders own 48.94% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $43.00 on Tuesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The stock has a market cap of $37.87 billion, a PE ratio of -48.86 and a beta of 1.82. The stock has a fifty day simple moving average of $39.02 and a 200-day simple moving average of $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 issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several research analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

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.