DraftKings Inc. $DKNG Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 31.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 550,267 shares of the company’s stock after selling 250,729 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DraftKings were worth $12,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ascentis Independent Advisors acquired a new position in DraftKings in the 1st quarter worth approximately $27,000. Montag A & Associates Inc. lifted its stake in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the period. Aventura Private Wealth LLC acquired a new stake in DraftKings during the 4th quarter valued at approximately $39,000. SHP Wealth Management purchased a new stake in shares of DraftKings in the 4th quarter valued at $42,000. Finally, Root Financial Partners LLC boosted its holdings in shares of DraftKings by 208.0% in the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after acquiring an additional 1,874 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

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

Key DraftKings News

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

DraftKings Price Performance

Shares of DraftKings stock opened at $23.85 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The business has a 50-day moving average price of $25.79 and a 200 day moving average price of $25.95. The firm has a market cap of $11.83 billion, a PE ratio of 397.50 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) EPS. Sell-side analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. 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 report on Thursday, July 9th. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a report on Monday. Freedom Capital raised DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. UBS Group lifted their price objective on DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, BTIG Research boosted their price objective on DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.43.

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.