Why DraftKings Shares Are Trading Higher Today

DraftKings Inc DKNG shares are trading higher Wednesday after Ark Invest founder and CEO Cathie Wood bought more than $60 million in shares. 

Wood reported that she purchased shares of DraftKings for multiple Ark exchange traded funds yesterday:

• 742,840 shares for ARK Innovation ETF ARKK
• 202,723 shares for ARK Next Generation Internet ETF ARKW
• 127,608 shares for ARK Fintech Innovation ETF ARKF

DraftKings is continuing to trend higher today after the company announced it agreed to a multi-year deal with Simplebet to expand its sportsbook in-game offerings yesterday. 

DraftKings is a digital sports entertainment and gaming company.

DKNG Price Action: DraftKings has traded as high as $74.38 and as low as $34.28 over a 52-week period.

At last check Wednesday, the stock was up 5.28% at $59.45.

Photo by World Poker Tour from Flickr.