{"id":225514,"date":"2022-08-08T23:24:29","date_gmt":"2022-08-09T04:24:29","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=225514"},"modified":"2022-08-09T10:12:45","modified_gmt":"2022-08-09T15:12:45","slug":"ark-investment-management-pares-draftkings-stake","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/","title":{"rendered":"DraftKings Rallies, But Wood\u2019s ARK Invest Trims Stake"},"content":{"rendered":"

Cathie Wood\u2019s ARK Investment Management rang the register on some of its DraftKings (NASDAQ:DKNG) stake on Monday.<\/p>\n

\"ARK
ARK Investment Management founder Cathie Wood. Her firm reduced its DraftKings position today. (Image: Getty Images)<\/figcaption><\/figure>\n

After spending the first half of 2022 faltering, the stock is higher by 44.66% over the past month, providing investors with a decent opportunity to take profits or cut losses in the online sportsbook operator. Since the start of this year, the gaming name shed a third of its value.<\/p>\n

\n

Today, ARK sold 852,851 shares of DraftKings out of the ARK Innovation ETF (NYSEARCA:ARKK) — the issuer\u2019s flagship exchange traded fund. The $7.93 billion ARKK still holds 16.32 million shares of the daily fantasy sports (DFS) company, valued at $293.12 million, according to issuer data. The stock is ARKK\u2019s 15th<\/sup>-largest holding at a weight of 2.91% as of the close US markets today.<\/p>\n<\/div>\n

DraftKings remains a top 10 holding in the $1.13 billion ARK Next Generation Internet ETF (NYSEARCA:ARKW), commanding a weight of 4.65% in that fund. The sportsbook operator is also a top 10 component in the ARK Fintech Innovation ETF (NYSERACA:ARKF) at an allocation of 4.42%.<\/strong><\/p>\n

ARK\u2019s First Recent DraftKings Sale<\/h2>\n

Wood\u2019s asset management firm has long been a backer of DraftKings<\/a>, adding the stock to the aforementioned ETFs last year and buying even amid steep declines.<\/p>\n

Still, Wood remains undaunted<\/a>. She has a long history of patience with growth stocks \u2013 her time line is often five years or more \u2013 and of buying dips in faltering names in which she has high conviction. That could be exactly what\u2019s happening with DraftKings.<\/p>\n

\n

ARK\u2019s partial sale of its DraftKings stake comes as the stock is up 30.62% over the past week. It also arrives just days after the company issued a buoyant 2022 revenue outlook, while telling investors it expects a significantly lower annual earnings before interest, taxes, depreciation, and amortization (EBITDA) loss than previously forecast.<\/p>\n<\/div>\n

The online sportsbook operator is now projecting 2022 revenue of $2.08 billion to $2.18 billion, up from a prior outlook of $2.05 billion to $2.17 billion. That implies year-over-year revenue growth of 60% to 68%. Analysts were expecting $2.1 billion. Boston-based DraftKings sees a 2022 EBITDA loss of $765 million to $835 million \u2014 better than the previously forecast loss of $810 million to $910 million.<\/strong><\/p>\n

ARK Ranks High Among DraftKings Investors<\/h2>\n

As of the end of the second quarter, Wood\u2019s ETF issuer owned 25.27 million shares of DraftKings, making it the fourth-largest institutional owner of the shares.<\/p>\n

ARK doesn\u2019t shy away from gaming stocks. For example, the aforementioned ARK Next Generation Internet ETF owns 5.19 million shares of sports betting data provider Genius Sports (NYSE:GENI) and nearly 467,000 shares of Endeavor Group (NYSE:EDR).<\/a><\/p>\n

Endeavor, the parent company of the Ultimate Fighting Championship (UFC), acquired the OpenBet sports wagering platform from Light & Wonder. OpenBet clients include DraftKings, FanDuel, William Hill, and WynnBet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cathie Wood\u2019s ARK Investment Management rang the register on some of its DraftKings (NASDAQ:DKNG) stake on Monday. After spending the first half of 2022 faltering, the stock is higher by 44.66% over the past month, providing investors with a decent opportunity to take profits or cut losses in the online sportsbook operator. Since the start […]<\/p>\n","protected":false},"author":46,"featured_media":225515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[82251,81842],"acf":[],"yoast_head":"\nARK Investment Management Pares DraftKings Stake<\/title>\n<meta name=\"description\" content=\"Cathie Wood's ARK Investment Management reduced its DraftKings stake today.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARK Investment Management Pares DraftKings Stake\" \/>\n<meta property=\"og:description\" content=\"Cathie Wood's ARK Investment Management reduced its DraftKings stake today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-09T04:24:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-09T15:12:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/CW.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/\",\"url\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/\",\"name\":\"ARK Investment Management Pares DraftKings Stake\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/CW.jpg\",\"datePublished\":\"2022-08-09T04:24:29+00:00\",\"dateModified\":\"2022-08-09T15:12:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Cathie Wood's ARK Investment Management reduced its DraftKings stake today.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ark-investment-management-pares-draftkings-stake\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/CW.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/CW.jpg\",\"width\":1200,\"height\":799,\"caption\":\"ARK Investment Management founder Cathie Wood. Her firm reduced its DraftKings position today. 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