Ark Investment Management doesn’t stop investing in DraftKings’ and Skillz’s positions. It had recently bought 173,800 DraftKings stocks the last Monday. This buying decision has largely been inspired by the recent surge for that title to make a record high when several analysts pulled up price targets. Ark Investment Management is a New York-based asset managing body that has also accumulated fame for creating stakes in innovative and budding companies.
Prior to the newest purchase, ARK possessed almost 106,000 mobile games shares, and Skillz, an esports tournament provider. That former purchase was made on Friday, Feb 26. Even prior to that, it bought a company that made it public recently.
ARC’s last bought shares are of Skillz, which has merged with a special purpose acquisition company not many days ago. Before that, it was a standalone publicly dealt entity. ARK has become one of the early ETF managers to embrace the stock.
ARK’s Changed Approach towards DraftKings Stock
Historically, ARK was allotted to the Daily Fantasy Sports (DFS).
That allocation has changed recently. It’s when the fund manager directed the latest purchase from DraftKings to the ARK Fintech Innovation.
The issuer outlined that according to the adviser, Fintech Innovation is the beginning of technologically featured products and services that are to nascent change the way the economic and financial sector works currently.
Counting the latest ones, ARK now holds around 546,288 DraftKings shares. It amounts to almost .81% of the total weight of the fund. That draws the operator to number 40 in the ETF.
As of the first day of the current month, Skillz and DraftKings make 1.92 percent of the total fund of ARK Next generation. It ascends the company to 31st place among the 53 peers. The total allocated amount has become over 3.2 million shares to both stocks.
Not too Massive to be Concerned
Thanks to the extraordinary acumen of Wood and her entire team to pick the right stocks, ARK has been achieving capital worth billions of dollars.
As of late February, the ARK innovation ETF owned a minimum of 5% of a company’s public shares in over one-third of its holdings. It also has 105 free floats in an average of 10 out of 55 entities in its portfolio.
However, it is not apparently a risk right now.