What happened Shares of DraftKings (NASDAQ: DKNG) have soared today, up by 11% as of noon EST, after ARK Investment Management started accumulating the stock. This was the first time that ARK has invested in the sports betting specialist. So what While most exchange-traded funds are passively managed, ARK operates numerous actively managed funds that regularly buy and sell holdings. ARK has also taken a unique approach of disclosing its daily trading activity, and yesterday's disclosure showed that ARK Next Generation Internet (NYSEMKT: ARKW) scooped up 620,300 shares of DraftKings, which represented approximately 0.5% weighting at the time. The reports do not specify what price the fund manager purchased the stock at, but DraftKings had a daily range of $53.14 to $55.75 yesterday. Image source: DraftKings. ARK's funds have become increasingly popular in recent years as the ETFs have delivered strong performance. ARK Next Generation Internet currently has about $5.3 billion in net assets Now what Online sports betting is starting to gain mainstream acceptance as an increasing number of states have been legalizing it. DraftKings had reported a 64% increase in monthly unique players (MUPs) in the third quarter, which helped drive a 98% surge in revenue. The company is scheduled to report fourth-quarter results on Feb. 26, and analysts are expecting DraftKings to report $232 million in revenue and a net loss per share of $0.47. Benchmark recently reiterated a buy rating on the stock while increasing its price target from $60 to $66. 10 stocks we like better than DraftKings Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and DraftKings Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source