Allspring Global Investments Holdings LLC Trims Stock Position in DraftKings Inc. $DKNG

Allspring Global Investments Holdings LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNGFree Report) by 24.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,049,770 shares of the company’s stock after selling 678,712 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DraftKings were worth $86,070,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. CWM LLC increased its position in shares of DraftKings by 35.4% during the second quarter. CWM LLC now owns 183,230 shares of the company’s stock worth $7,859,000 after acquiring an additional 47,875 shares during the period. Udine Wealth Management Inc. increased its position in shares of DraftKings by 38.3% during the second quarter. Udine Wealth Management Inc. now owns 58,721 shares of the company’s stock worth $2,519,000 after acquiring an additional 16,270 shares during the period. Concurrent Investment Advisors LLC increased its position in shares of DraftKings by 5.9% during the second quarter. Concurrent Investment Advisors LLC now owns 23,452 shares of the company’s stock worth $1,006,000 after acquiring an additional 1,312 shares during the period. waypoint wealth counsel purchased a new position in shares of DraftKings during the second quarter worth approximately $333,000. Finally, Apollon Wealth Management LLC purchased a new position in shares of DraftKings during the second quarter worth approximately $250,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. JMP Securities dropped their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Finally, Jefferies Financial Group set a $52.00 price objective on shares of DraftKings in a research note on Monday, October 6th. Twenty-seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.17.

View Our Latest Stock Report on DraftKings

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares in the company, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock valued at $29,285,365 over the last quarter. Insiders own 47.08% of the company’s stock.

DraftKings Price Performance

Shares of DKNG opened at $33.58 on Tuesday. The company has a market cap of $16.67 billion, a price-to-earnings ratio of -51.66, a price-to-earnings-growth ratio of 0.70 and a beta of 1.99. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a 50 day moving average of $42.97 and a two-hundred day moving average of $39.63.

DraftKings (NASDAQ:DKNGGet Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. DraftKings’s revenue was up 36.9% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Profile

(Free Report)

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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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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