Top 5 Stocks to Invest in For Beginner Investors

3. DraftKings Inc. (NASDAQ: DKNG)

Number of Hedge Fund Holders: 48

DraftKings is added in our list of top stocks to invest in for beginner investors because it remains the market leader in the sports betting industry which is set to thrive as states legalize online sports betting platforms. Loop Capital in March said DraftKings is one of the biggest beneficiaries of the $3 billion market opportunity in New York. DraftKings is now reaching 25% of the US population, and remains the top choice for sports betting for average users. The company is also increasing its partnerships with industry leaders. It recently became the official partner of WWE. The company also has partnerships with ESPN, Major League Baseball and the PGA Tour.

Tybourne Capital Management is one of the 48 hedge funds tracked by Insider Monkey having stakes in DKNG at the end of the fourth quarter. The fund owns over 1.9 million shares of the company.

Carillon Tower Advisers, in their Q4 2020 investor letter, mentioned DraftKings Inc. (NASDAQ: DKNG). Here is what Carillon Tower Advisers has to say about DraftKings Inc. in their Q4 2020 investor letter:

“DraftKings is a digital sports entertainment and gaming company that provides online and retail sports wagering, online daily fantasy contests, and online casino games. The firm’s shares underperformed, despite reporting strong earnings and outlook with its most recent quarterly update. The stock pulled back meaningfully from its highs in October as it needed to work through a notable share lockup expiry. We remain bullish on the future growth prospects of the online sports gambling industry and believe DraftKings is positioned exceptionally well to capitalize on what appears to be a long-term secular trend.”