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Cathie Wood’s ARK Trims DraftKings Position after Selling Over 294,000 Shares
Cathie Wood’s ARK Investment Management has sold over 294,000 DraftKings shares on April 5, 2023

The issuer of actively managed exchange-traded funds (ETFs) has announced it sold 294,143 shares of the operator in the context of the stock collapsing.
This way, Cathie Wood’s ARK Investment Management took part in a wider market sell-off stimulated by the disappointing forecast for jobs in the private sector in the previous month.
One of Cathie Wood’s Largest Stock Sales to Date
The transaction that saw the Florida-based ARK sell 252,502 shares from the ARK Innovation ETF and 41,641 shares from the ARK Next Generation Internet ETF represents one of the largest stock sales since the ARK began building its stake in the gaming company over three years ago.
The two transactions came after similar decisions were made at the end of February when the money manager bid farewell to 207,747 shares of the gaming operator from the same duo of ETFs.
At the moment, DraftKings’ shares in which ARK Investment Management continues to be one of the most important owners have gone up by close to 59% since the beginning of the year.
Argus Analyst Gives “Buy” Rating
Just one day after the significant share trimming announced by Cathie Wood’s ARK, Argus’ sell-side analyst John Staszak issued a note to clients, reinforcing the “buy” rating of the shares and reiterating a price target set at $22.
The figure marks an increase of around 22% from the close value registered on April 5. The same analyst gave an estimate on DraftKings’ ability to trigger a revenue of $3.1 billion in the current year, from $2.95 billion which is the company’s midpoint for the 2023 guidance, and also over the $3 billion figure estimated by Wall Street.
Staszak also used the decreasing costs with customer acquisition to explain to clients that DraftKings has the potential to turn profitable during Q3 2024. After that, the Boston-based operator could possibly generate a 25% earnings growth rate over the course of the following five years.
DraftKings had also spoken about its expectations to become profitable next year, even though it failed to name a quarter when the respective results might come up.
The operator’s co-founders Jason Robins and Matthew Kalish also announced they sold 600,000 shares of the company’s stock two weeks prior to Cathie Wood’s ARK Investment Management’s announcement.
Earlier in the week, DraftKings announced it requested to be allowed to provide sports betting markets on the upcoming Boston Marathon, one of the most popular races for both amateur and pro athletes.
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After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
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