DraftKings Inc. (NASDAQ:DKNG) Stock Position Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 18.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,728,482 shares of the company's stock after purchasing an additional 434,525 shares during the period. Allspring Global Investments Holdings LLC owned about 0.31% of DraftKings worth $90,558,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. Vanguard Group Inc. boosted its position in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after buying an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after acquiring an additional 707,504 shares in the last quarter. FMR LLC grew its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after acquiring an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC grew its stake in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after purchasing an additional 89,988 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Stifel Nicolaus lowered their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Mizuho dropped their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Citigroup reiterated a "buy" rating on shares of DraftKings in a report on Friday, June 13th. BTIG Research lowered their target price on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Barclays cut their price target on DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $54.03.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider now directly owns 4,155,130 shares of the company's stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $34.04, for a total transaction of $1,796,529.08. Following the completion of the sale, the insider now directly owns 549,197 shares in the company, valued at $18,694,665.88. This trade represents a 8.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $19,748,622 in the last ninety days. Insiders own 51.19% of the company's stock.

DraftKings Trading Up 1.6%

Shares of DraftKings stock opened at $42.89 on Friday. The company has a market cap of $38.14 billion, a price-to-earnings ratio of -51.67, a PEG ratio of 1.30 and a beta of 1.63. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company's fifty day simple moving average is $36.37 and its 200-day simple moving average is $38.44. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

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.

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