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2. DraftKings Inc. (NASDAQ:DKNG)

Number of Hedge Fund Investors: 55

DraftKings Inc. (NASDAQ;DKNG) shares have been performing well this year, up 24% through April 30. A total of 55 hedge funds were long DKNG as per Insider Monkey’s database of 933 hedge funds.

Baron Discovery Fund stated the following regarding DraftKings Inc. (NASDAQ;DKNG) in its fourth quarter 2023 investor letter:

“We added to our position in DraftKings Inc. (NASDAQ;DKNG), the leading mobile sportsbook and gaming operator in the U.S. While we lowered our estimates for the fourth quarter due to lower hold in the month of November, it is important to keep in mind that while hold can be volatile from quarter to quarter, the company continues to slowly increase hold over time (primarily because of a higher percentage of the handle being in higher hold “parlay” bets). We continue to be attracted to DraftKing’s dominant market share and the scale advantages that come with this.”