What Went Down With Skillz Stock Today?

Skillz Inc SKLZ shares spiked over 7.2% in after-hours trading on Thursday. 

What Happened: On Wednesday, Cathie Wood’s ARK Investment Management LLC purchased 4,014,903 Skillz shares — valued at nearly $66.53 million at Thursday’s closing price — for the Ark Innovation ETF ARKK.

On the same day, Ark also loaded up on 1,056,186 shares of the company valued at about $17.5 million for the ARK Next Generation Internet ETF ARKW.

On Thursday, Ark continued the buying spree adding another 1,222,207 shares of the company to ARKK.

The mobile development company was Benzinga’s “Prep Stock Of The Day” on Thursday as it continued to make new highs.

On the day, Skillz shares reached an intraday high of $19.55 with a heavy volume of 118.50 million shares. The average volume for the shares is 13.63 million.

The shares spiked 7.24% in the after-hours session to $17.77 after closing 1.13% lower in the regular session at $16.57.

Why It Matters: Skillz shares reached their all-time high of $46.30 on Feb. 10 but were since on a downturn. This week the stock made a breakaway signaling a bottom may have been found.

Options traders bet over $136,200 on Wednesday in an indication that the Skillz share price is going higher, as per an earlier report.

Skillz has been the target of Wolfpack Research, which classified the company’s top games as “stagnant to declining.”

The short seller also criticized a partnership the company struck with the National Football League to host a game development competition as amounting to “very little, or nothing at all.”

Photo courtesy: Skillz Inc.