Cathie Wood's Ark Invest Tweaks Portfolio, Sells $1.8M Worth Of DraftKings Shares

On Wednesday, Cathie Wood-led Ark Invest made a notable move by selling a significant number of shares in DraftKings Inc (NASDAQ:DKNG). This decision comes amidst Ark Invest’s recent diversification of its portfolio, as highlighted by the sale of Tesla shares and increased positions in other tech giants.

The DraftKings Trade

Ark Invest sold a total of 61,638 shares of DraftKings, marking a reduction of 0.1461% in ARK Next Generation Internet ETF (NYSE:ARKW). The transaction was valued at $1.8 million, based on the closing share price of $28.93.

This move is intriguing, especially considering the positive outlook for DraftKings in the sports betting sector. Analysts have expressed optimism about the company’s momentum continuing, backed by strategic partnerships and an expanding market presence.

See Also: Cathie Wood Comments on Nvidia

Other Key Trades:

• Cloudflare Inc (NYSE:NET): Ark Invest bought 24,984 shares, increasing its stake by 0.1248% in the ARKW ETF.
• BEAM Therapeutics Inc (NASDAQ:BEAM): A purchase of 20,338 shares was made, marking a 0.0072% increase in the ARK Innovation ETF (NYSE:ARKK).
• Markforged Holding Corp (NYSE:MKFG): Ark bought a total of 56,708 shares across ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Space Exploration & Innovation ETF (BATS:ARKX).

The trades reflect Ark Invest's strategic moves to optimize its portfolio amidst the dynamic market conditions. With Cathie Wood at the helm, the investment management firm continues to focus on innovative companies poised for substantial growth in the coming years.

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