Allspring Global Investments Holdings LLC Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Allspring Global Investments Holdings LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 18.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (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 approximately 0.31% of DraftKings worth $90,558,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in DKNG. Raiffeisen Bank International AG purchased a new stake in DraftKings in the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC bought a new position in DraftKings during the first quarter valued at about $26,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of DraftKings during the 4th quarter worth about $28,000. GPS Wealth Strategies Group LLC raised its holdings in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 564 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DKNG. JPMorgan Chase & Co. began coverage on shares of DraftKings in a report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price objective on the stock. Macquarie cut their price target on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. TD Securities reduced their price target on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Barclays dropped their price objective on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Monday, May 12th. Finally, Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.14.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the sale, the insider directly owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the sale, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock valued at $19,748,622 in the last three months. 47.08% of the stock is owned by company insiders.

DraftKings Trading Down 1.6%

DKNG stock traded down $0.67 during mid-day trading on Wednesday, reaching $41.32. 14,238,485 shares of the stock traded hands, compared to its average volume of 9,676,589. The business has a 50-day moving average price of $36.75 and a two-hundred day moving average price of $38.46. The stock has a market capitalization of $36.75 billion, a PE ratio of -49.78, a PEG ratio of 1.10 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings 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.