ARK Invest CEO Cathie Wood turned heads last year after the breakthrough performance of the money manager's exchange-traded funds. This year has proven a bit more challenging, but volatility in some of her favorite names is creating buying opportunities.
We love sports, and we tend to overestimate our ability to predict outcomes of games and individual performances. DraftKings is cashing in as a leader in fantasy sports and now traditional wagering.
Growth has been stellar here. Revenue soared 320% in last week's second quarter, accelerating from the 253% year-over-year top-line pop it posted for the first quarter. Monthly unique payers on the DraftKings platform have soared 281% over the past year, and it continues to strike new deals with networks, leagues, and individual teams to make sure the brand is prominent in the sports world.
Despite DraftKings' growth and its dominant position, the stock is still trading 30% below its springtime highs. With DraftKings raising its guidance last week and making another smart acquisition earlier this week you can't blame Wood for placing some more chips on her DraftKings bet.
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