Amid a big purchase of Palantir, Ark Invest got out its trimming shears Aug. 8, selling off a total of around $24 million in two of the firm's biggest holdings.
Ark sold off a total of 332,301 shares of DraftKings (DKNG) -), valued at around $10.5 million. The sell-off was spread across Ark's Next Generation Internet ETF and Ark's flagship Innovation ETF, with Innovation dumping some 305,286 shares.
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Ark also said goodbye to a further 163,296 shares of Roku (ROKU) -), worth around $14 million. This sell-off was, likewise, split across the same funds as the DraftKings' dump, with Ark Innovation responsible for the bulk of the cut, at 148,817 shares.
This is the second time Ark has worked to slim down its holdings in both of these tech companies in the past week. Ark cut its holding in DraftKings by around $3 million Aug. 7; the investment firm trimmed its holding in Roku by around $13 million Aug. 3.
Even after dumping millions worth of Roku, Ark Innovation's Roku holding remains its second-largest, beaten out only by its holding in Tesla. Ark owns around 8.5 million shares of the company, worth $737.2 million and weighted at more than 9% of the fund.
That same ETF owns 11.4 million shares of DraftKings, valued at $360 million and weighted at 4.4% of the fund.
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DraftKings' stock is up more than 178% for the year. The company recently reported an 88% increase in revenue to $875 million for the second quarter of the year, the first quarter in its history that it reported a profit (of 14 cents). In the wake of this first-time profitability, DraftKings lifted its revenue guidance to $3.5 billion for 2023.
Roku, meanwhile, is up a little more than 112% for the year. Last month, Roku reported a loss of 76 cents per share, beating analyst expectations of -$1.28, and posted an 11% increase in revenue to $847.2 million.
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