Fantasy Football: Jaxon Smith-Njigba, Jordan Addison Among Top Rookie WRs

Jaxon Smith-Njigba from the Seattle Seahawks, Jordan Addison from the Minnesota Vikings, and Zay Flowers from the Baltimore Ravens are among the top rookie wide receivers to keep close tabs on during your upcoming fantasy football draft.

Seahawks rookie WR Jaxon Smith-Njigba
Seattle Seahawks wide receiver Jaxon Smith-Njigba, seen here running an out route in a preseason game against the Dallas Cowboys, is one of the top incoming rookies this season. (Image: Getty)

If you play in a large fantasy football league with 12 or more teams, then you’ll have no choice but to add a rookie or two to fill out your roster.

The NFL has evolved into a pass-first league, which is why wide receivers have a higher premium than rookie running backs.

Other rookie wide receivers who could make an impact in fantasy football this upcoming season include Quentin Johnston from the Los Angeles Chargers, Rashee Rice from the Kansas City Chiefs, Jalin Hyatt from the New York Giants, Jayden Reed from the Green Bay Packers, Marvin Mims from the Denver Broncos, and Jonathan Mingo from the Carolina Panthers.

Mims could see some action early in the season because the Broncos are short two wide receivers. Tim Patrick sustained an unfortunate, season-ending Achilles injury, and KJ Hamler will miss an unspecified amount of time with a recently diagnosed heart condition.

Jaxon Smith-Njigba (Seahawks)

The Seattle Seahawks selected Jaxon Smith-Njigba with the #20 pick in the 2023 NFL Draft. He was the first wide receiver picked in this year’s draft.

Smith-Njigba played his collegiate ball at Ohio State, but he was limited to only three games in 2022 due to a hamstring injury. In 13 games as a sophomore in 2021, Smith-Njigba caught 95 passes for 1,606 yards and nine touchdowns. He also set Ohio State records for most receptions in a game and most receiving yards in a single season.

Smith-Njigba was a slot receiver at Ohio State, which is where he’ll see a lot of action with the Seahawks this season. He will be WR #3 on the Seahawks’ depth chart behind DK Metcalf and Tyler Lockett. Metcalf and Lockett both averaged over 1,000 receiving yards during the previous four seasons, and they combined for 70 touchdowns since 2019.

Smith-Njigba is +1400 odds to win the NFL Offensive Rookie of the Year, according to DraftKings. He’s sixth overall, but the top wide receiver on the awards board.




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Jordan Addison (Vikings)

The Minnesota Vikings selected Jordan Addison with the #23 pick in the 2023 NFL Draft. Addison was the fourth wide receiver taken in the draft.

Addison played two seasons with the Pittsburgh Panthers before he transferred to USC to play his junior season. He appeared in 11 games with USC last season, and he caught 69 passes for 875 yards and eight touchdowns.

During the 2021 season with Pittsburgh, Addison was a consensus All-American and won the Fred Biletnikoff Award for the nation’s top wide receiver. He scored 18 touchdowns in 14 games for the Panthers that season.

Addison gets the rare opportunity to learn from the best wide receiver in the NFL this season. Justin Jefferson from the Vikings is the consensus top wide receiver in fantasy football and he’s ranked #1 in all the major fantasy leagues including ESPN, Yahoo, CBS, Fantasy Pros, and the NFL.com.

Veteran wideout Adam Thielen left the Vikings when he bounced in free agency and signed with the Carolina Panthers. Without Thielen, Addison has a chance to start for the Vikings in Week 1 as WR #2.




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Zay Flowers (Ravens)

The Baltimore Ravens selected Zay Flowers with the #22 pick from the 2023 NFL Draft. He earned third-team All-American honors out of Boston College. In 12 games last season, Flowers caught 78 passes for 1,077 yards and 12 touchdowns.

Flowers is currently WR #3 on the Ravens’ depth chart behind third-year wide receiver Rashod Bateman and veteran Odell Beckham, Jr.  Beckham signed with the Ravens in free agency after missing last season recovering from ACL surgery. He blew out his knee while playing for the Los Angeles Rams in Super Bowl LVI.

The Ravens and quarterback Lamar Jackson finally worked out a contract extension, so there’s no drama entering training camp this season. The Ravens also hired a new offensive coordinator and revamped their passing game, which should benefit Jackson and their wide receivers. Todd Monken led the Georgia Bulldogs to back-to-back college football national championships, and he’s the Ravens’ new OC.

Quentin Johnston (LA Chargers)

Quentin Johnston finds himself in a similar situation with the other top rookies. He’s on a team with two standout wide receivers, which means he’ll have ample opportunity to learn from veterans like Keenan Allen and Mike Williams. As a potential WR #3, Johnston could move up in the depth chart because both Allen and Williams struggled with injuries over the last few seasons.

Johnston is in a unique spot because he plays with a better quarterback than his fellow rookies. Justin Herbert from the Chargers is a better pure passer compared to the quarterbacks who will be throwing the ball to Smith-Njigba, Addison, and Flowers.

The Chargers selected Johnston with a first-round pick from the 2023 NFL Draft, and he was the second wide receiver picked in the draft. Johnston made a huge splash in his first season with TCU when he averaged 22.1 yards per catch, which set a Big 12 freshman record.

During his last two seasons at TCU, Johnston was named to the All-Big 12 first team. In 14 games during his junior year, Johnston caught 60 passes for 1,069 yards and six touchdowns for the Horned Frogs.

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Bally’s, MGM Among Casino Stocks Hedge Funds Pared in Q2

Bally’s (NYSE: BALY) and MGM Resorts International (NYSE: MGM) are among the gaming equities in which some well-known hedge funds reduced their positions in the second quarter.

hedge funds casino stocks
The famous charging bull on Wall Street. Hedge funds altered positions in casino stocks in the second quarter. (Image: Reuters)

Bally’s, the Rhode Island-based regional casino operator that’s long been a favorite of hedge funds, slumped 22.2% in the June quarter, the period in which John Paulson’s eponymous hedge fund exited its position in the stock.

Paulson & Co. originally bought Bally’s shares in the second quarter of 2021, but a new Form 13F filing with the Securities and Exchange Commission (SEC) indicates the money manager liquidated the remains of that stake this year.

Major institutional investors, including hedge funds, are required to file 13F’s within 45 days of the end of the prior quarter. They aren’t required to disclose the dates on which they bought or sold securities, so there’s no way of knowing exactly when Paulson & Co. departed the Bally’s position.

Hedge Funds Also Tinkered with MGM, Wynn Positions

Corvex Management, the hedge fund run by MGM board member Keith Meister, pared its exposure to the Bellagio operator in the June quarter.

Meister’s firm also eliminated its stake in UFC parent Endeavor Group Holdings, Inc. (NYSE: EDR). Endeavor has direct gaming exposure of its own as it controls the OpenBet sports wagering technology platform. Shares of MGM declined modestly in the second quarter while Endeavor Group stock posted a small gain during that period.

Wynn Resorts (NASDAQ: WYNN) was also among the casino operator equities that saw a professional money manager sell some shares. 3G Capital Partners, the investment firm co-founded by Brazilian billionaire Alexandre Behring, reduced its Wynn position to 105K shares from 117,500 at some during the April through June period.

Wynn was one of several stocks in which 3G trimmed positions during the previous quarter. It’s the only gaming equity currently owned by the money manager.

Whale Rock Initiates DraftKings Stake

As the stock surged as the sportsbook operator was notching its profitable quarter as a publicly traded company, DraftKings (NASDAQ: DKNG) caught the attention of at least one hedge fund in the April through period.

In a 13F published on Monday, Whale Rock Capital Management revealed a new stake in the gaming company. That hedge fund bought more than 8.11 million shares of the gaming company in a position valued at $215.68 million in the second quarter.

DraftKings is the only gaming equity held by Whale Rock, but the hedge fund owns a slew of technology equities, some of which are emerging growth names, as is DraftKings.

Whale Rock, which has been in business since 2006, is based in Boston. That’s DraftKings’ home city, too.

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Genius Sports Could Be Hidden Gem Among Sports Betting Stocks

Shares of sports betting data provider Genius Sports (NYSE: GENI) are higher by nearly 57% year-to-date and on May 26, closed at the highest levels since February. A sell-side analyst believes the stock has more upside ahead.

Genius Sports
Genius Sports appears on the screens of the NYSE after it went public. An analyst says the stock can deliver more upside. (Image: Genius Sports)

In a recent note to clients, Lake Street Capital markets analyst Eric Martinuzzi initiated coverage of Genius Sports with “buy” rating and a $7 price target. That implies upside of 25% from the May 26 close. That’s slightly below the Wall Street consensus of $7.50, but Martinuzzi is now one of nine analysts covering Genius with a “buy” or “strong buy” rating. Another calls the stock a “hold.”

The analyst described Genius as a “picks and shovels player” that markets live betting data and “other sticky services” to global sportsbook operators, including Bet365 and DraftKings (NASDAQ: DKNG), among others. Some analysts believe the stock  could benefit from bettors’ increasing preference for in-game or live wagers over pregame investments.

That thesis could further be enhanced by same-game parlays — bets operators such as DraftKings and FanDuel are leveraging to significant success.

Genius ‘Baby’ Thrown Out with ‘SPACwater’

London-based Genius Sports went publicly in April 2021 following a reverse merger with special purpose acquisition company (SPAC) dMY Technology Group, Inc. II. The stock caught some of the tail-end of investors’ enthusiasm for SPAC and sports betting stocks, but slumped last year as market participants punished equities previously tied to blank-check companies.

At one point in 2021, Genius traded north of $24 and Martinuzzi describes the subsequent tumble experienced by the stock as a case of the “Genius baby being thrown out with the SPACwater.”

Genius is on the cusp of turning free cash flow positive and is growing faster than its higher-valued peers,” wrote the Lake Capital analyst. “We also feel it has better rights relationships — NFL, English Premier League — and offers faster profit growth than data licensing competitor Sportradar. We anticipate Genius showing fundamental outperformance driven by a decade-plus growth in U.S. sports betting as more states legalize online gambling.”

Genius hovering around profitability and generating free cash flow are noteworthy traits if for no other reason than that they’re rare in the universe of sports betting equities.

Genius Sports Impressive Client Roster

Martinuzzi is right to mention Genius Sports’ client portfolio — a roster that includes not only the English Premier League and the NFL, but the PGA Tour, Major League Baseball (MLB), the NCAA and Euroleague Basketball, among others.

In addition to the NFL itself, which is also a major Genius shareholder, several of the league’s teams are Genius clients as are some of the biggest names in sports broadcasting, including ESPN.

Beyond Bet365 and DraftKings, Genius’s other sprotsbook clients include 888 Sports, BetMGM and Caesars, according to the data provider’s website.

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