Why Skillz Stock Had Another Roller-Coaster Ride on Thursday

Cathie Wood strikes again! After it became known that the celebrated investor had plowed more money into Skillz (NYSE: SKLZ) on Wednesday, shares of the company shot nearly 17% higher Thursday, before sinking well below the waterline and eventually rising to end the session only 1.1% lower.

Two of Wood's exchange-traded funds (ETFs), ARK Innovation (NYSEMKT: ARKK) and ARK Next Generation Internet (NYSEMKT: ARKW) added more shares of Skillz to their portfolios. The former bought over 4 million shares, and the latter picked up more than 1 million.

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Source Fool.com