When ARK Investment Management purchases a stock for its ETFs, investors sit up and pay attention.
Recently, Catherine Wood’s ARK Innovation ETF (NYSEARCA: ARKK) purchased shares in Skillz Inc (NYSE: SKLZ), a mobile games platform.
Skillz was added to the ARK Innovation ETF over three days from 21 April to 23 April 2021, possibly causing its share price to rise significantly over the time frame.
On 26 April itself, the stock rose a further 17%.
Source: Google Finance
The Skillz stock is also found in ARK’s Next Generation Internet ETF (NYSEARCA: ARKW), having been purchased over many tranches from 4 January 2021 to 21 April 2021.
As of 26 April, the gaming company has a weighting of 0.4% in the ARK Innovation ETF and 1.8% in the Next Generation Internet ETF.
Is Skillz stock worth buying for your portfolio as well?
To make your decision-making easier, I’ll share with you here what I found out about Skillz.