Cathie Wood Continues To Unload DraftKings Shares, Picks Up Robinhood Stock Worth $4.75M

On Tuesday, Cathie Wood-led Ark Invest made significant trades, with a major focus on Robinhood Markets Inc HOOD. The firm’s decision to load up on Robinhood shares comes in the wake of the company’s recent achievements in the financial sector, as highlighted in recent reports.

The Robinhood Trade: On Tuesday, the Wood-led investment management company purchased 440,081 shares of Robinhood through ARK Innovation ETF ARKK and Ark Fintech Innovation ETF ARKF. The transaction was valued at $4.75 million, based on Robinhood stocks’ closing price of $10.80.

A day prior, Ark Invest purchased a significant 406,432 shares of Robinhood through ARKK and Ark Fintech Innovation ETF ARKF. The transaction was valued at $5.67 million. This move aligns with Robinhood’s Q2 financial results, where the company achieved GAAP profitability for the first time as a public entity. Vlad Tenev, Robinhood’s CEO, expressed optimism about the company's future, emphasizing its commitment to innovation and growth.

The DraftKings Trade: Ark Invest continued to sell DraftKing shares, On Tuesday the firm shed 106,570 shares from ARKK. The transaction was valued at $3.3 million, based on the stock’s closing price of $30.69.

On Monday, Ark Invest sold a substantial 469,217 shares of DraftKings. That sale, valued at $14.9 million, was particularly intriguing given Wood’s recent comments on the company.

In an exclusive interview, Wood expressed satisfaction with DraftKings' performance over the past years, highlighting its diversification into areas like non-fungible tokens and its strong position alongside FanDuel.

See Also: Cathie Wood-Run Ark’s Nvidia Stake Dwindles Further As The Firm Offloads About $10M Worth

Other Key Trades:

• ARKX sold AEROVIRONMENT INC AVAV shares, accounting for 0.017% of the ETF.
• ARKG bought SOMALOGIC INC SLGC shares, making up 0.0001% of the ETF.
• ARKF acquired shares of ADYEN NV ADYEN, representing 0.0739% of the ETF.
• ARKQ sold shares of 3D SYSTEMS CORP DDD, accounting for 0.2506% of the ETF.

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