{"id":1676,"date":"2023-02-28T15:20:00","date_gmt":"2023-02-28T15:20:00","guid":{"rendered":"https:\/\/tradersontrend.com\/?p=1676"},"modified":"2024-02-20T16:58:13","modified_gmt":"2024-02-20T16:58:13","slug":"draftkings-gets-dumped-by-cathie-wood-along-with-other-stocks","status":"publish","type":"post","link":"https:\/\/wallstwarroom.com\/h\/offers\/draftkings-gets-dumped-by-cathie-wood-along-with-other-stocks\/","title":{"rendered":"DraftKings Gets Dumped by Cathie Wood, Along With Other Stocks"},"content":{"rendered":"\t\t
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Cathie Wood, CEO of Ark Investment Management and a well-known Money Manager, bought and sold some of her favorite stocks for the second day in a row on Thursday, which included DraftKings.<\/p>

Ark funds paid $4 million for 63,585 shares of Coinbase Global<\/a>, the largest cryptocurrency exchange in the United States.<\/p>

Wood has been steadily increasing her Coinbase position for months.<\/p>

The corporation though, lost $557 million in the fourth quarter<\/a>.<\/p>

Coinbase shares have fallen 66% in the last year due to the cryptocurrency market’s instability but, they have recovered 65% so far this year, aided by bitcoin’s rise.<\/p>

Coinbase has risen to sixth place in Ark’s flagship Ark Innovation ETF (ARKK<\/a>), moving up one spot on Thursday.<\/p>

Selling Spree from Woods<\/span><\/strong><\/p>

Ark Innovation liquidated 127,317 shares of Exact Sciences worth $7.8 million on the selling side. <\/span><\/p>

The company is well-known in the medical diagnostics industry for its Cologuard at-home colon cancer test.<\/p>

Exact Sciences stock<\/a> has risen 22% in 2023, boosted by excellent earnings and the wider market surge.<\/p>

Yet, the stock has dropped 12% in the last year.<\/p>

This year, Wood has sold over 2 million Exact Sciences shares. Yet, the corporation remains the fourth largest stake in the Ark Innovation ETF.<\/p>

The Ark Next Generation Internet ETF ARKW sold 125,333 shares of DraftKings, worth at $2.4 million as of Thursday’s close.<\/p>

The stock has dropped 7% in the last year but has gained 60% year to date due to the strength of the sports betting business.<\/p>

DraftKings is Ark Innovation ETF’s 11th largest holding.<\/p>

Wood’s Returns Fall<\/span><\/strong><\/p>

Meanwhile, Wood’s recent record hasn’t exactly wowed the investment community, as her young technology stocks have plummeted. <\/span><\/p>

Ark Innovation has been down 37% during that time period and 76% since its top in February 2021.<\/p>

Yet, the fund has returned 23% so far this year, as have tech equities in general.<\/p>

Wood defends her plan by mentioning her five-year investing horizon<\/a>.<\/p>

However, Ark Innovation’s five-year annualized return was only 0.36% as of Feb. 23, compared to 9.79% for the S&P 500.<\/p>

The fund’s performance also falls short of Wood’s aim of 15% annualized returns over five years.<\/p>

According to ETF research firm VettaFi, Ark Innovation, which has $7.3 billion in assets, has had a net investment outflow of $309 million during the last five days. Yet, it has received $812 million in recent years and selling DraftKings, indicates her waning conviction in the company.<\/p>

What Motivates Investors to Invest in Wood?<\/span><\/strong><\/p>

You may be wondering why so many investors have remained loyal to Wood. It surely helps that she had one great year. <\/span><\/p>

In 2020, Ark Innovation increased by 153%.<\/p>

In addition, Wood has become a rock celebrity<\/a> in the financial world, constantly appearing in the media.<\/p>

She teaches financial ideas in simple terms that even inexperienced investors may grasp.<\/p>

Wood is not without her opponents.<\/p>

Last year, Morningstar analyst Robby Greengold delivered a harsh review of Ark Innovation.<\/p>

“ARKK shows few signs of strengthening its risk management or capacity to traverse the difficult region it explores,<\/em>” he wrote.<\/p>

Wood, of course, was adamantly opposed. “I know there are companies like that one [Morningstar] that don’t comprehend what we’re doing,”<\/em> she stated in a Magnifi Media interview conducted by Tifin.<\/p>

For More Stocks And Investment Related News, Click\u00a0Here<\/a>.<\/em><\/p>

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Cathie Wood, CEO of Ark Investment Management and a well-known Money Manager, bought and sold some of her favorite stocks for the second day in a row on Thursday, which included DraftKings. Ark funds paid $4 million for 63,585 shares of Coinbase Global, the largest cryptocurrency exchange in the United States. Wood has been steadily…<\/p>\n","protected":false},"author":2,"featured_media":31,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[6],"tags":[553,133,516,589],"class_list":["post-1676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-offers","tag-arkk","tag-cathie-wood","tag-dkng","tag-draftkings"],"_links":{"self":[{"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/posts\/1676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/comments?post=1676"}],"version-history":[{"count":1,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/posts\/1676\/revisions"}],"predecessor-version":[{"id":4136,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/posts\/1676\/revisions\/4136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/media\/31"}],"wp:attachment":[{"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/media?parent=1676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/categories?post=1676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wallstwarroom.com\/h\/wp-json\/wp\/v2\/tags?post=1676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}