Allspring Global Investments Holdings LLC Reduces Position in DraftKings Inc. (NASDAQ:DKNG)

Allspring Global Investments Holdings LLC lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,293,957 shares of the company’s stock after selling 106,374 shares during the period. Allspring Global Investments Holdings LLC owned 0.26% of DraftKings worth $83,294,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DKNG. Fred Alger Management LLC increased its position in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the period. FMR LLC grew its stake in DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC acquired a new position in shares of DraftKings in the third quarter valued at about $28,028,000. Blue Whale Capital LLP raised its stake in shares of DraftKings by 59.7% in the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after purchasing an additional 615,011 shares during the last quarter. Finally, Mediolanum International Funds Ltd acquired a new stake in shares of DraftKings during the fourth quarter worth about $17,334,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DraftKings stock opened at $45.44 on Thursday. The stock has a market capitalization of $22.16 billion, a P/E ratio of -51.64, a PEG ratio of 3.18 and a beta of 1.93. The business has a 50 day simple moving average of $40.31 and a two-hundred day simple moving average of $38.51. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on DKNG shares. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Tuesday, January 7th. Susquehanna reduced their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. JMP Securities lowered their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $50.92.

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.