DraftKings shares jump after ARK invest $34m

Business News

DraftKings shares surged on Tuesday after ARK Next Generation Internet ETF  disclosed a purchase of 620,300 shares of the sports gambling platform.

ARK Next Generation is run by the prominent fund manager Cathie Wood. As of Feb. 1, the fund owned 620,300 shares of the Boston company, valued at nearly $34 million.

DraftKings recently traded at $59.51, up 8.9%. It has surged 78% over the past six months amid investor excitement for online sports gambling. The stock touched a 52-week high above $64 on Oct. 2.