Allspring Global Investments Holdings LLC Sells 250,729 Shares of DraftKings Inc. $DKNG

Allspring Global Investments Holdings LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 31.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 550,267 shares of the company's stock after selling 250,729 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.11% of DraftKings worth $12,194,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in DKNG. Integrated Wealth Concepts LLC grew its position in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company's stock worth $1,463,000 after acquiring an additional 40,495 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock worth $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of DraftKings during the 2nd quarter valued at $603,000. Finally, Daiwa Securities Group Inc. increased its stake in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company's stock worth $1,892,000 after purchasing an additional 968 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 1.9%

Shares of DKNG stock opened at $23.85 on Wednesday. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The stock's 50 day simple moving average is $25.79 and its two-hundred day simple moving average is $25.95. The company has a market cap of $11.83 billion, a PE ratio of 397.50 and a beta of 1.65.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the prior year, the company posted ($0.07) EPS. The company's revenue was up 16.8% compared to the same quarter last year. Research analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Citizens Jmp lifted their target price on DraftKings from $34.00 to $36.00 and gave the company a "market outperform" rating in a research report on Thursday, June 25th. HSBC upgraded DraftKings from a "hold" rating to a "hold" rating in a research report on Friday, April 24th. Stephens began coverage on DraftKings in a research report on Friday, April 24th. They set an "overweight" rating on the stock. BTIG Research increased their target price on shares of DraftKings from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of DraftKings from $26.00 to $28.00 and gave the stock a "hold" rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.43.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings launched DKeX, a new platform expansion that could broaden its product offering and support longer-term engagement and revenue growth. DraftKings NASDAQ: DKNG Expands Platform With DKeX Launch
• Positive Sentiment: Truist and Wells Fargo both maintained bullish ratings on DraftKings while trimming price targets to $29, signaling continued analyst confidence despite near-term volatility. DraftKings price target updates
• Neutral Sentiment: Coverage pieces about why DraftKings is catching market attention and a broader casino-stocks roundup may be contributing to trading interest, but they do not appear to signal a major fundamental change. Why Is DraftKings NASDAQ: DKNG Catching Market Attention?
• Negative Sentiment: Recent trading has been weak, with DKNG falling more than the broader market and closing around $24.32 in the latest cited session, suggesting momentum remains soft. DraftKings (DKNG) Declines More Than Market: Some Information for Investors

Insider Transactions at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director owned 29,820 shares of the company's stock, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 in the last quarter. 47.18% of the stock is currently owned by company insiders.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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