On Monday, Cathie Wood-led Ark Invest made significant trades, with the most notable being the sale of DraftKings Inc DKNG shares. This move comes amidst a backdrop of recent discussions about DraftKings’ position in the sports betting world and its competition with Penn Entertainment.
The DraftKings Trade: Ark Invest sold a substantial 469,217 shares of DraftKings through ARK Innovation ETF ARKK. The transaction was valued at $14.9 million, based on the stock’s closing price of $31.79 on Monday. This decision is intriguing, especially considering Wood’s recent comments on the company.
In an exclusive interview on “The Raz Report,” Wood expressed satisfaction with DraftKings’ performance over the past years, even amidst stiff competition. She highlighted DraftKings’ diversification into areas like non-fungible tokens and believed that the company is in a strong position alongside FanDuel. Furthermore, Jim Cramer recently recommended buying DraftKings over Churchill Downs Incorporated.
The Robinhood Trade: Ark Invest also made a significant move with Robinhood Markets Inc HOOD. The firm purchased a whopping 406,432 shares of Robinhood through ARKK and Ark Fintech Innovation ETF ARKF. The transaction was valued at $5.67 million, based on Robinhood stocks’ closing price of $10.84 on Monday.
This decision aligns with recent reports highlighting Robinhood’s Q2 financial results, where the company achieved GAAP profitability for the first time as a public entity. Robinhood CEO Vlad Tenev expressed optimism about the company’s future, emphasizing its commitment to innovation and growth.
See Also: Cathie Wood’s Ark Invest Sees Amazon-Shopify Tie-Up As Mutually Beneficial
Other Key Trades:
- Block Inc SQ: Purchased 142,395 shares through ARKK.
- Roblox Corp RBLX: Purchased 258,811 shares through ARKK.
- JD.COM Inc JD: Sold 107,963 shares through ARKF.
- Shopify Inc SHOP: Sold 71,813 shares through ARKF and 52,709 shares through ARKK.
- 3D Systems Corp DDD: Sold 43,255 shares through ARK Autonomous Technology & Robotics ETF ARKQ.
Read Next: Exclusive: Cathie Wood Says Cybertruck Will Expand The Truck Market
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