CEO Cathie Wood and her ARK Invest management firm appear to be taking more profits on DraftKings stock after the sports-betting platform saw shares triple this year. Meanwhile, DraftKings on Tuesday lifted its long-term revenue outlook as the company's growth outpaces already high expectations. DKNG stock is trading above a buy zone.
On Monday, Cathie Wood and ARK Invest sold 274,849 shares of DKNG stock from the ARK Innovation ETF worth $9.78 million based on Monday's closing price of 35.53. It marked ARK's fifth sale of DraftKings stock in November.
Wood and ARK Invest on Friday sold 711,824 shares of DKNG stock from the ARK Innovation ETF worth $24.93 million based on the closing price of 35.03, according to daily trade updates.
The firm sold 22,893 shares of DraftKings on Nov. 6 from the ARK Fintech Innovation ETF worth $806,703 based on the 35.10 closing price.
Wood and ARK sold 170,483 shares of DKNG stock from the ARKK ETF in two batches on Nov. 1 and Nov. 2 worth about $4.77 million based on the respective closing prices for the day.
Wood and ARK Invest sold roughly $14.05 million worth of DraftKings stock from the ARKF, ARKK and ARK Next Generation Internet ETFs in five separate sales during October, based on the various closing prices throughout the month.
The firm steadily pared holdings throughout September, selling $48.44 million in DKNG stock during the period. DraftKings constituted 4.27% of the ARKK portfolio as of Monday morning.
DraftKings Earnings
Meanwhile, DraftKings beat forecasts for its Q3 results on Nov. 2 and lifted the midpoint of its 2023 revenue guidance. The sports betting platform reported narrower year-over-year losses every quarter since Q2 2022. Sales growth appears to be slowing slightly from its robust levels, with DraftKings reporting 57% to 88% revenue growth over the past four quarters.
FactSet noted DraftKings' market share improved for the fourth straight quarter and analysts expect the company to turn a profit in 2025.
DKNG Stock
DKNG stock surged 4% Tuesday after gaining 1.6% Monday. Shares are just past a buy zone for a consolidation after climbing above the 34.49 buy point on Nov. 6. DraftKings rallied 225% in 2023.
ARKK stock jumped more than 5% Tuesday after ticking up 0.5% Monday. ARKW shares rose 2.8% following its slight gain from Monday. ARKF swung 4.2% higher Tuesday and advanced 1.2% Monday.
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