Ark Invest, led by Cathie Wood, recently made some major trades, including the sale of DraftKings shares and the purchase of Robinhood shares. Ark Invest sold 469,217 shares of DraftKings, worth $14.9 million, through their ARK Innovation ETF. This move is surprising considering Wood’s previous positive comments about DraftKings and its performance in the sports betting industry.
On the other hand, Ark Invest bought a substantial 406,432 shares of Robinhood, valued at $5.67 million, through their ARK Innovation ETF and Ark Fintech Innovation ETF. This decision aligns with Robinhood’s recent financial results, where the company achieved profitability for the first time as a public entity.
Apart from these trades, Ark Invest also purchased shares of Block Inc, Roblox Corp, and sold shares of JD.COM Inc, Shopify Inc, and 3D Systems Corp. This demonstrates Ark Invest’s active trading strategy and their focus on various sectors and companies.
It’s important to note that Ark Invest’s investment decisions are based on their research and analysis. Their trades can reflect their outlook on the companies and their belief in their future prospects.
Sources:
– The Raz Report interview with Cathie Wood
– Financial reports of DraftKings and Robinhood
Definitions:
– DraftKings Inc: A company that operates as a digital sports entertainment and gaming company, providing online sports betting and gaming services.
– Robinhood Markets Inc: A brokerage firm that offers commission-free trading and a mobile app platform for individual investors.
– ARK Innovation ETF: An exchange-traded fund managed by Ark Invest, focused on innovative and disruptive technologies.
– GAAP profitability: The achievement of profitability based on Generally Accepted Accounting Principles, which are accounting standards used to prepare and present financial statements.
– Cathie Wood: The founder and CEO of Ark Invest, known for her focus on investing in innovative and disruptive technologies.