Investing

Cathie Wood’s ARK Invest Buys Over 460,000 Shares of DraftKings

A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made huge purchases on Monday. Accordingly these funds bought over 460,000 shares of DraftKings Inc. (NASDAQ: DKNG) shares on Monday, as the price of these ETFs lost less than 1% on Monday. Note that these ETFs are still up over 100% in the last year.

ARK Innovation ETF (NYSEARCA: ARKK) bought 431,100 shares of DraftKings, while ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 30,100 shares. At Monday’s closing price this would have valued this purchase at roughly $26.8 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 163% in the last year, and ARKW is up 177%.

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.