Allspring Global Investments Holdings LLC Has $28.56 Million Stake in DraftKings Inc. $DKNG

Allspring Global Investments Holdings LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 28.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 800,996 shares of the company’s stock after selling 312,944 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.16% of DraftKings worth $28,564,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Dagco Inc. bought a new stake in DraftKings in the fourth quarter valued at $26,000. Ameriflex Group Inc. raised its position in DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC acquired a new position in DraftKings in the third quarter worth $33,000. Asset Dedication LLC bought a new stake in shares of DraftKings during the third quarter worth $37,000. Finally, Aventura Private Wealth LLC bought a new stake in shares of DraftKings during the fourth quarter worth $39,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Truist Financial cut their price target on DraftKings from $45.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, January 21st. JPMorgan Chase & Co. dropped their target price on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, February 17th. The Goldman Sachs Group reduced their target price on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Finally, Northland Securities set a $24.00 price target on shares of DraftKings in a research note on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned 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 $36.91.

DraftKings Price Performance

NASDAQ:DKNG opened at $23.16 on Friday. The stock has a 50-day simple moving average of $24.67 and a 200 day simple moving average of $30.89. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a market cap of $11.48 billion, a PE ratio of -579.00, a PEG ratio of 0.93 and a beta of 1.68. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

Insider Activity

In related news, CAO Erik Bradbury sold 7,268 shares of DraftKings stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the sale, the chief accounting officer owned 36,736 shares of the company’s stock, valued at approximately $826,560. The trade was a 16.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $16,005,000. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 549,495 shares of company stock valued at $14,166,700. 51.19% of the stock is owned by insiders.

About DraftKings

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.