The Bears vs. Cathie Wood: Who's Right About Skillz Stock?
Skillz (NYSE: SKLZ), a gaming company that provides a competitive multiplayer platform for mobile games, recently became a battleground stock as short sellers clashed with growth investor Cathie Wood.
The bears, led by prominent short-seller Wolfpack Research, claimed the growth of Skillz's top three games had peaked, its growth forecasts were "unrealistic," and it had exaggerated the impact of a recent NFL deal to enable its insiders to sell millions of shares at "inflated prices."
Wood subsequently increased her stake in Skillz via two of her ARK exchange-traded funds and claimed Wolfpack's allegations were "either exaggerated or incorrect" in a recent newsletter. Skillz now accounts for 2.05% of the ARK Next Generation Internet ETF (NYSEMKT: ARKW), as well as 0.45% of the ARK Innovation ETF (NYSEMKT: ARKK).
Source Fool.com
