Kate Hudson and Nick Jonas -- Stand Down! All Is Not What It Seems (PHOTOS)

Nick Jonas and Kate Hudson have shown all the signs of being coupled up -- traveling together, dining together, even Disney-ing together -- right up until she gripped another dude in NYC.

Kate was on her way to a premiere Monday night hand-in-hand with the other guy ... who, btw, happens to be her agent -- and also happens to have been spotted holding Kate tight multiple times in recent months.

Yes, Jonas and Hudson were spotted together in multiple places last month, and as recently as last weekend.

So, who's really winning the Kate sweepstakes? Since people in the know tell us Nick and Kate weren't dating, just hooking up -- we'll guess BOTH for the block.