Cathie Wood Sells $14.9M Worth of DraftKings Stock, Buys Robinhood Shares - ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), 3D Sys (NYSE:DDD)

On Monday, Cathie Wood-led Ark Invest made significant trades, with the most notable being the sale of DraftKings Inc (NASDAQ:DKNG) shares. This move comes amidst a backdrop of recent discussions about DraftKings’ position in the sports betting world and its competition with Penn Entertainment.

The DraftKings Trade: Ark Invest sold a substantial 469,217 shares of DraftKings through ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $14.9 million, based on the stock’s closing price of $31.79 on Monday. This decision is intriguing, especially considering Wood’s recent comments on the company.

This decision aligns with recent reports highlighting Robinhood’s Q2 financial results, where the company achieved GAAP profitability for the first time as a public entity. Robinhood CEO Vlad Tenev expressed optimism about the company’s future, emphasizing its commitment to innovation and growth.

Other Key Trades:

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In an exclusive interview on “The Raz Report,” Wood expressed satisfaction with DraftKings’ performance over the past years, even amidst stiff competition. She highlighted DraftKings’ diversification into areas like non-fungible tokens and believed that the company is in a strong position alongside FanDuel. Furthermore, Jim Cramer recently recommended buying DraftKings over Churchill Downs Incorporated.

The Robinhood Trade: Ark Invest also made a significant move with Robinhood Markets Inc (NASDAQ:HOOD). The firm purchased a whopping 406,432 shares of Robinhood through ARKK and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $5.67 million, based on Robinhood stocks’ closing price of $10.84 on Monday.

Other Key Trades:

Block Inc (NYSE:SQ): Purchased 142,395 shares through ARKK.
Roblox Corp (NYSE:RBLX): Purchased 258,811 shares through ARKK.
JD.COM Inc (NASDAQ:JD): Sold 107,963 shares through ARKF.
Shopify Inc (NYSE:SHOP): Sold 71,813 shares through ARKF and 52,709 shares through ARKK.
3D Systems Corp (NYSE:DDD): Sold 43,255 shares through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).

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ARKFARK Blockchain & Fintech Innovation ETF

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Overview

ARKKARK Innovation ETF

$72.33-0.10%

ARKQARK Autonomous Technology & Robotics ETF

HOODRobinhood Markets Inc