Charles Schwab Investment Management Inc. Purchases 102,454 Shares of DraftKings Inc. (NASDAQ:DKNG)

Charles Schwab Investment Management Inc. increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,891,243 shares of the company's stock after acquiring an additional 102,454 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.34% of DraftKings worth $101,916,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of DraftKings by 7.7% during the third quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company's stock worth $36,978,000 after purchasing an additional 90,004 shares during the last quarter. Brown Advisory Inc. acquired a new position in shares of DraftKings during the 3rd quarter worth $209,000. Park Avenue Securities LLC purchased a new stake in shares of DraftKings in the 3rd quarter worth about $505,000. TD Asset Management Inc acquired a new stake in DraftKings in the 3rd quarter valued at about $795,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in DraftKings during the 3rd quarter valued at about $982,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of recent research reports. JPMorgan Chase & Co. reissued an "overweight" rating and set a $55.00 price objective on shares of DraftKings in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft increased their price objective on DraftKings from $34.00 to $35.00 and gave the company a "hold" rating in a research note on Monday, May 6th. BTIG Research upped their target price on shares of DraftKings from $53.00 to $55.00 and gave the company a "buy" rating in a report on Monday, May 6th. Stifel Nicolaus lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, May 6th. Finally, Barclays raised their target price on shares of DraftKings from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.07.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business's stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 600,000 shares of company stock valued at $24,894,000. 48.94% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 0.1 %

DKNG stock traded down $0.06 during trading on Monday, reaching $43.21. The stock had a trading volume of 5,646,733 shares, compared to its average volume of 11,496,485. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a fifty day moving average price of $43.71 and a 200 day moving average price of $39.47. The company has a market capitalization of $37.56 billion, a P/E ratio of -36.39 and a beta of 1.87. DraftKings Inc. has a 1-year low of $22.65 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm posted ($0.87) EPS. The company's revenue was up 52.7% compared to the same quarter last year. On average, equities analysts anticipate that DraftKings Inc. will post -0.19 earnings per share for the current year.

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.