Institutional Investor Insights on DraftKings: Hedge Funds' Divergent Strategies

2024-03-12

DraftKings (DKNG) was under close scrutiny by 724 hedge funds, which collectively held a substantial number of shares amounting to 369,398,558. Among the institutional investors, Vanguard Group Inc., BlackRock Inc., and ARK Investment Management LLC were the top holders of DKNG shares. Moreover, 25 ETFs had investments in DKNG, with a total of 15,481,030 shares in their portfolios.

During the last quarter, there was notable activity among hedge funds regarding DKNG. Specifically, 266 hedge funds were buying shares of DraftKings, while 276 were selling their positions. An interesting trend emerged as 83 hedge funds decided to double down on their investments in DKNG, signaling a high level of confidence in the company's future prospects. Conversely, 10 hedge funds opted to offload at least 90% of their DKNG shares, reflecting a bearish sentiment prevailing among some investors.

The insights into institutional investor behavior towards DraftKings were derived from data provided by sharkstracker.com. This data-driven approach offers a comprehensive view of market sentiments and actions taken by institutional investors in relation to DKNG. For a more detailed analysis, the complete report on DraftKings can be accessed for a deeper understanding of the investment landscape surrounding the company.