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.
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.
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 ROKU, PayPal Holdings Inc. PYPL and JD.com Inc JD.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.