Cathie Wood-led Ark Investment Management on Monday bought more shares in online sports betting firm DraftKings Inc (NASDAQ: DKNG) and fintech company Block Inc (NYSE: SQ) while shedding some Twitter Inc (NYSE: 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.
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The popular asset management firm owns shares in DraftKings via three of its active exchange-traded funds, namely, the Ark Innovation ETF (NYSE: ARKK), the Ark Next Generation Internet ETF (NYSE: ARKW), and the Ark Fintech Innovation ETF (NYSE: 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.
