Cathie Wood's Ark Scooped Up More DraftKings And Block Shares on Monday But Cut Stake In This Social Media Firm

Cathie Wood-led Ark Investment Management on Monday bought more shares in online sports betting firm DraftKings Inc DKNG and fintech company Block Inc SQ while shedding some Twitter Inc TWTR stock.

Ark Invest bought 279,441 shares of DraftKings, estimated to be worth $5 million, boosting its stake by about 1.4%.

The company’s stock closed 12.7% lower at $18.05 a share on Monday, after Argus Research downgraded it to “hold” from “buy” amid regulatory headwinds, and is down 35% year-to-date.

See Also: What 13 Analyst Ratings Have To Say About DraftKings

The popular asset management firm owns shares in DraftKings via three of its active exchange-traded funds, namely, the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW, and the Ark Fintech Innovation ETF ARKF. 

The three ETFs held 20.5 million shares — worth $424.9 million— in DraftKings, prior to Monday’s trade.

See Also: Jack Dorsey Effect? Cathie Wood Makes Massive Sales In Twitter In First 2 Days Of 2022

Here are some of the other key Ark Invest trades on Monday:

• Bought 51,943 shares— estimated to be worth $5 million — in Jack Dorsey-led fintech company Block. The stock slumped 8.5% to $97.5 a share on Monday.
• Sold 368,744 shares — estimated to be worth $11.95 million — in Twitter. The stock closed 2.9% lower at $32.4 a share on Monday. The investment firm has sold massive stakes in Twitter since the beginning of January.