Cathie Wood’s ARK Invest Buys over 160,000 Shares of DraftKings
One of Cathie Wood's Ark Invest funds bought over 160,000 shares of DraftKings on April 8.
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One of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Thursday. Accordingly this fund bought over 160,000 shares of DraftKings Inc. (NASDAQ: DKNG | DKNG Price Prediction) shares on Thursday, as the price of this ETFs gained nearly 3% on Thursday. Note that this ETF is still up over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 166,800 shares of DraftKings. At Thursday’s closing price this would have valued this purchase at roughly $10.2 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 185% in the last year.
24/7 Wall St. recently reported on DraftKings:
DraftKings Inc. (NASDAQ: DKNG) was one of the first companies to come public that serviced online sports betting and gambling. A number of companies are looking to take a piece of this pie, but DraftKings was one of the first, and largest, on the scene.
During March, ARK Invest bought roughly 2.54 million shares of DraftKings, with the largest single-day purchase totaling just under a million shares. The stock closed out the week near $63, valuing the shares purchased in March up to about $159 million.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
