Benzinga | Aug 25, 2021 02:01PM EDT

Why DraftKings Shares Are Trading Higher Today

DraftKings Inc (NASDAQ:DKNG) shares are trading higher Wednesday after Ark Invest founder and CEO Cathie Wood bought more than $60 million in shares.

Wood reported that she purchased shares of DraftKings for multiple Ark exchange traded funds yesterday:

* 742,840 shares for ARK Innovation ETF (NYSE:ARKK)

* 202,723 shares for ARK Next Generation Internet ETF (NYSE:ARKW)

* 127,608 shares for ARK Fintech Innovation ETF (NYSE:ARKF)

DraftKings is continuing to trend higher today after the company announced it agreed to a multi-year deal with Simplebet to expand its sportsbook in-game offerings yesterday.

DraftKings is a digital sports entertainment and gaming company.

DKNG Price Action: DraftKings has traded as high as $74.38 and as low as $34.28 over a 52-week period.

At last check Wednesday, the stock was up 5.28% at $59.45.

Photo by World Poker Tour from Flickr.