Cathie Wood Loads Up Another $7M In DraftKings

Cathie Wood-led Ark Investment Management on Monday snapped up 137,133 shares, estimated to be worth about $6.74 million, in DraftKings Inc DKNG, its second trade in the sports betting company in the aftermath of a negative short-seller report last month.

Shares of the Boston, Massachusetts-based company closed 0.14% lower at $49.16 on Monday.

A Hindenburg report published last month claimed DraftKings’ fully-owned unit SBTech to be a red flag within the DraftKings business.

See Also: Cathie Wood Loads Up $42M In DraftKings As Shares Drop On Short-Seller Report

The New York-based investment owns the shares of DraftKings via three of its active ETFs — the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF

Ark Invest deployed ARKW on Monday to buy the shares of the sports betting company.

On a consolidated basis, Ark now held 12.2 million shares, worth $599.17 million, in DraftKings, ahead of Monday’s trade. 

See Also: Cathie Wood Can't Get Enough Of Uipath, Buys Another $17M Shares

Some of the other key buys for Ark on Monday included Coinbase Global Inc COIN, UiPath Inc PATH, Zoom Video Communications Inc ZM and sells included Roku Inc ROKUPayPal Holdings Inc. PYPL and JD.com Inc JD.

 

Posted In: ARK Investment ManagementCathie Woodsports bettingLong IdeasSector ETFsTrading IdeasETFs