Allspring Global Investments Holdings LLC Has $85.75 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Allspring Global Investments Holdings LLC raised its position in DraftKings Inc. (NASDAQ:DKNG) by 1,048.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,888,287 shares of the company’s stock after acquiring an additional 1,723,819 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.22% of DraftKings worth $85,747,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC bought a new position in DraftKings during the third quarter worth about $45,000. Mariner LLC raised its stake in DraftKings by 25.9% in the 3rd quarter. Mariner LLC now owns 37,692 shares of the company’s stock valued at $1,110,000 after acquiring an additional 7,750 shares during the period. Natixis Advisors L.P. raised its stake in DraftKings by 7.7% in the 3rd quarter. Natixis Advisors L.P. now owns 20,686 shares of the company’s stock valued at $609,000 after acquiring an additional 1,476 shares during the period. Mutual Advisors LLC acquired a new stake in DraftKings during the 3rd quarter valued at $216,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of DraftKings by 3,355.0% in the third quarter. Tower Research Capital LLC TRC now owns 22,354 shares of the company’s stock valued at $658,000 after purchasing an additional 21,707 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

NASDAQ DKNG traded down $0.36 during trading on Tuesday, hitting $36.94. 986,389 shares of the company’s stock were exchanged, compared to its average volume of 11,352,771. The company has a market cap of $32.11 billion, a PE ratio of -31.61 and a beta of 1.81. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings Inc. has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The stock’s 50 day moving average price is $40.60 and its two-hundred day moving average price is $40.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the company earned ($0.87) earnings per share. DraftKings’s revenue for the quarter was up 52.7% compared to the same quarter last year. Research analysts expect that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock worth $60,996,583. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Susquehanna reduced their price objective on DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a report on Wednesday, June 5th. Guggenheim lowered their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, May 6th. Finally, UBS Group increased their price objective on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.17.

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.