Cathie Wood’s Ark Invest Buys Over 5 Million Shares of Skillz
A couple of Cathie Wood's Ark Invest funds bought over 5 million shares of Skillz on April 21.
One ARK exchange-traded fund run by ETF star Cathie Wood bought over 5 million shares of Skillz Inc. (NYSE: SKLZ) shares on Wednesday, as the prices of these ETFs traded up around 2% in Wednesday’s session. The ETF is up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 4,014,903 shares of Skillz and ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 1,056,186 shares as well. At Wednesday’s closing price this would have valued this purchase at roughly $85 million. This is only a small fraction of the total holdings. ARKK is up 145%, and ARKW is up 156% over the past 52 weeks.
24/7 Wall St. last reported on Skillz:
Skillz Inc. (NYSE: SKLZ) develops and operates an e-sports platform to host and connect mobile games and mobile e-sports tournaments both in the United States and internationally.
Since completing a reverse merger in mid-December, shares have added about 3.4% to post a high of $24.69. Since the merger with a blank check company was announced in early September, the stock has more than doubled. Shares currently trade around $23.20 and there are no analyst forecasts on the stock yet.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
