When Will Cathie Wood Stop Buying DraftKings Stock?
Seven days. Ark Invest has added to its DraftKings (NASDAQ: DKNG) stake for seven consecutive trading days through Tuesday's close. It's clear that Cathie Wood -- the co-founder, CEO, and stock picking mastermind of the Ark Invest family of exchange-traded funds (ETFs) -- has taken a shine to the online wagering specialist.
Ark Invest now owns 5% of DraftKings' shares outstanding. Its weighting across all of Wood's ETFs makes it the 14th-largest holding. Spreading the purchases across several days gives Ark Invest the ability to build up its position without moving the market, but sometimes there's a price to pay with dollar-cost averaging. The stock is trading 9% higher than it was before Wood joined the stock's frequent buyer club.
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Source Fool.com
