Cathie Wood-led Ark Invest made significant trades on Tuesday, focusing on companies like DraftKings, Palantir Technologies, and Shopify.
On Tuesday, Ark Invest made a substantial purchase of DraftKings shares across multiple ETFs. The Ark Fintech Innovation ETF acquired 53,400 shares, while the ARK Innovation ETF added 346,577 shares, and the ARK Next Generation Internet ETF bought 99,506 shares. With DraftKings' stock closing at $31.16, the total value of these transactions amounted to approximately $15.6 million.
DraftKings recently announced a significant expansion through the acquisition of Railbird Technologies and its wholly owned subsidiary, Railbird Exchange, LLC, which bolsters DraftKings' strategy to enter the prediction markets. The company has confirmed plans to launch DraftKings Predictions, a mobile application that will allow customers to trade event contracts.
Ark Invest reduced its Palantir holdings on Tuesday. The ARKF fund sold 2,800 shares, the ARKK fund offloaded 13,627 shares, and the ARKW fund parted with 5,217 shares. With Palantir's stock closing at $189.6, the total sale value was approximately $4.1 million.
Palantir recently hit an all-time high, driven by major contracts and strategic partnerships, including a $200 million deal with Lumen Technologies, enhancing its AI capabilities. Palantir CEO Alex Karp hailed the deal as "the holy grail for businesses," saying it would make AI data processing 200 times faster and cheaper. Lumen confirmed the $200 million price tag, part of its $1 billion cost-cutting overhaul.
Notably, Ark Invest has been shedding Palantir shares as they chart new highs. On Monday, the Wood-led firm sold 13,922 shares worth nearly $2.63 million.
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