Connect with us

Hi, what are you looking for?

Markets

Cathie Wood Sold More DraftKings Stock. Wall Street Is Still Bullish.

DraftKings
stock has been a good bet all year but Cathie Wood seems to think the odds of the rally continuing don’t look great.

Wood’s flagship ARK Innovation exchange-traded fund (ticker: ARKK) sold a combined 228,108 shares of
DraftKings
(DKNG), according to two separate trade notifications on Tuesday and Wednesday. The sale is worth $8.8 million based on the closing prices and stock amounts sold on both days. 

The online sports betting company’s stock has soared 240% so far in 2023 and Wood is clearly in profit-taking mode. The ARK Innovation fund sold $35 million of DraftKings stock on two consecutive trading days earlier this month–Nov. 10 and Nov. 13–according to Investor’s Business Daily. ARKK also sold $4.8 million worth of shares on Nov.1 and Nov. 2, it added.

A separate fund, the
ARK Fintech Innovation ETF
(ARKF) sold around 23,000 shares in a notification on Nov. 6.

The stock is on an incredible run, climbing 40% in November. The shares rose 16.5% on a single day at the start of the month after the company’s third-quarter earnings beat expectations. The sports betting app’s monthly paying customers increased to 2.3 million, an impressive 40% jump compared to the year-ago period. It also hiked 2023 revenue guidance.

Wood may be selling the shares, but Wall Street is still bullish, with 76% of analysts rating the shares Buy–the highest buy ratio since it began trading in April 2020. The average price target on the stock is $40.03, implying a 3.5% upside to Wednesday’s closing price.

Write to Callum Keown at [email protected]

Read the full article here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

This feature is available for all the players and this feature will make the whole gaming experience exciting and unforgettable for the players. This...

News

With other methods of payment, the cost of the conversion is passed onto the player and any winnings generated from that method are converted...

News

If, however, you’re using an alternative banking method, you can click on the ‘Go to Alternative banking’ link to be directed to the page...

News

In this review of 1win Casino, our impartial casino review team carefully evaluated this casino and its pros and cons based on our casino...