The best-performing ARK stock even outshines Wood’s favorite Tesla. That’s how well DraftKings stock is doing this year.
• Tesla still has the largest stake in the ARK Innovation ETF
• DraftKings is top performer among ARK stocks
• ARK Innovation ETF has recently recovered somewhat from losses
Cathie Wood’s portfolio
Cathie Wood is known for focusing on stocks in her portfolio that have high growth potential. This includes her favorite stock, Tesla, as well as a few other positions including Coinbase, Zoom, DraftKings, Exact Sciences, and Shopify. According to the website of its investment company, its top holdings are Tesla with 11.73 percent of the portfolio, Coinbase with 7.31 percent and Roku with 7.09 percent (as of 07/03/2023).
Top performers in the portfolio
However, the best-performing stock in the ARK Innovation ETF isn’t Wood’s favorite Tesla. DraftKings stock has had its best performance so far this year. The shares of the US provider of sports betting and fantasy sports have gained 130.5 percent in value in the current year and are now trading at a price of 26.25 US dollars. By comparison, Tesla stock was up about 127 percent over the same period. According to InvestorsObserver, analysts who follow DraftKings stock, on average, expect shares to rise another 7.69 percent over the next 12 months. These analysts also give the shares a “strong buy” rating.
However, as has been shown on numerous occasions in the past, Wood also tends to sell stocks after a strong rise. On April 26, the investor sold shares in both DraftKings and Shopify, as reported by Investors.com. Nevertheless, the shares of the US company are still represented in the top 10 of the ARK Innovation ETF with a share of 4.02 percent.
Recovery in 2023
While the ARK Innovation ETF plummeted 67 percent in 2022, it’s on a recovery course this year. While performance is still well below the February 2021 peak (around -70 percent), Wood’s flagship has recovered by around 34 percent.
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