After first buying stock in DraftKings (NASDAQ:DKNG) earlier this year, investment manager Cathie Wood has once again upped her stake in the daily fantasy sports and sports betting leader.
The ARK Next Generation Internet ETF (NYSEMKT:ARKW) bought 160,100 more shares in DraftKings, bringing the exchange-traded fund's total holdings to 1.37 million shares, while the ARK Fintech Innovation ETF (NYSEMKT:ARKF) bought 549,200 shares, bringing the total to 797,540 shares.
The market value of Wood's combined holdings is now $126 million, though the holdings represent just a fractional percentage of DraftKings' shares outstanding. They also only account for 1.2% of each ETF's total portfolio.
Image source: Getty Images.
Wood has become a superstar in investing circles as all of her ARK Invest funds have more than doubled their investors' money in the past year. That, in turn, often helps Wood's ETFs attract more new money than virtually any other ETF each month.
The investment manager publishes a daily update of what her ETFs bought and sold that day. Wood first invested in DraftKings in February and has added to her holdings several times since then. She undoubtedly got a bargain on yesterday's purchase of the sportsbook's stock as shares tumbled 8.5% on the seemingly changing fortunes of online sports betting in New York.
Yet next door New Jersey tends to capture New York's overflow and Wood recently told investment site Benzinga that despite the state's maturity in the sports betting market, DraftKings revenue doubled in the state.
"New Jersey was very telling to us," Wood told the site.
With the NCAA March Madness tournaments in their final week, New Jersey could become the first state to ever grab $1 billion in sports wagers.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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March 30, 2021 at 07:29PM
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2 Cathie Wood ETFs Buy More DraftKings Stock - Motley Fool
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