Why DraftKings Stock Jumped Higher This Week

Shares of digital sports betting company DraftKings (NASDAQ: DKNG) surged higher this week, rising about 15%. The stock's gain has been driven by several things, including news that famed investor Cathie Wood bought DraftKings shares via ARK Invest, upbeat momentum for tech stocks, and an announcement that the company was bringing its fantasy sports product to Arizona this weekend.

Image source: Getty Images.

Shares of DraftKings popped midweek, following news that Wood's ARK Invest bought 1.1 million shares of the digital sports betting specialist's stock on Tuesday. Bullishness for the stock continued in the second half of the week amid optimism in the market -- particularly for tech stocks.

Continue reading

Source Fool.com