Cathie Wood's Ark Invest Goes Shopping For Moderna Stock — Sells DraftKings Shares Amid Quarterly Rise In Revenue, EPS Beat

On Thursday, Cathie Wood-led Ark Invest made notable adjustments to its holdings, with a significant sale of DraftKings Inc (NASDAQ:DKNG) shares and the addition of Moderna Inc (NASDAQ:MRNA) stock. This move comes amidst DraftKings’ positive earnings report and Moderna’s challenges with vaccine demand.

The DraftKings Trade: Despite a strong earnings report where DraftKings climbed on third-quarter revenue and EPS beat, Ark Invest divested a significant portion of its stake in the company.

Ark sold 74,926 shares, representing 0.0354% of the ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $2.2 million, based on the stock’s closing price of $28.98 on Thursday.

Moderna’s Market Maneuver: Meanwhile, Ark Invest bolstered its position in Moderna, purchasing 83,344 shares worth $5.9 million based on the stock’s closing price of $71.23 through ARK Genomic Revolution ETF (BATS:ARKG). This decision aligns with the biotech firm’s forecast for growth resurgence by 2025, despite current hurdles in vaccine demand.

See Also: Cathie Wood-Led ARKK Struggles To Hold Steady Amid Tesla’s Slide

Other Key Trades:

• Sold 1,320 shares of NVIDIA Corp (NASDAQ:NVDA), which is 0.0398% of the ARKG ETF.
• Reduced position in Ionis Pharmaceuticals Inc (NASDAQ:IONS) by selling 73,290 shares, equating to 0.2247% of the ARKG ETF.
• Trimmed holdings in General Motors Co (NYSE:GM) by offloading 691 shares, a minor 0.0023% of the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).

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