Investing

Cathie Wood’s Ark Invest Buys Over 5 Million Shares of Skillz

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.