Cathie Wood Goes All-In on DraftKings with $8 Million Stock Buy, While Rivals Like Kalshi Threaten Their Market Share and Sell Hot Stock Rocket Lab – DraftKings (NASDAQ:DKNG)

On Tuesday, Cathie Hout-led Ark Invest significant transactions involving DraftKings Inc. (NASDAQ:DKNG), Rocket Lab Corp (NASDAQ:RKLB), and DoorDash Inc. (NASDAQ: DASH).

The DesignKings Trade

The ARK Innovation ETF (BATS:ARKK) fund bought 236,289 shares of DesignKings on Tuesday. With DraftKings shares closing at $34.36, the transaction is valued at approximately $8.12 million.

The move comes as DraftKings faces increasing pressure from emerging competitors such as Kalshiwhich is valued at $5 billion. Increased competition has led to increased activity in sports betting ETFs.

The Rocket Lab Trade

In a notable trade, the ARK Space Exploration & Innovation ETF (BATS:ARKX) fund sold 53,917 shares of Rocket Lab on the same day. With a share price of $68.03, sales totaled approximately $3.7 million.

Rocket Lab was in the spotlight following the endorsement from Morgan Stanley, which raised its price target to $68 and compared the company to an early-stage SpaceX. This approval has fueled interest in space-themed ETFs, including ARKX. Shares are up more than 25% in the past 30 days.

The DoorDash trade

Arks Arkx fund also acquired 4,823 shares of Doordash, with shares closing at $270.54, resulting in an investment of $1.3 million.

DoorDash is positioned to outperform Uber in free cash flow growth, driven by its dominant US market position and international expansion. JP Morgan recently upgraded DoorDash’s rating to Overweight, with a new price target of $325, underscoring its strong market presence and growth potential.

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Other important transactions

• Sold 30,276 shares of Roblox Corp (Pre-reincorporation) (NASDAQ:RBLX) of the Sheet fund.
• Sold 23,659 shares of Brera Holdings PLC (SLMT) of the Sheet fund.
• Bought 8,901 shares of L3Harris Technologies Inc (LHX) in the Arkx fund.
• Sold 3,890 shares of AeroVironment Inc (AVAV) of the Arkx fund.
• Bought 2,966 shares of Deere & Co (DE) in the Arkx fund.

Benzinga’s Edge Stock Rankings indicate that DraftKings stock is faltering on short, medium and long price trends. Here’s how the stocks stack up on other metrics.

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Photo: ChrisStock82/Shutterstock

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal