Why Skillz Stock Is Trending Down Today

Shares of Skillz (NYSE: SKLZ) were down 2.3% in morning trading Thursday after investment manager Cathie Wood sold a half-million shares of the mobile esports platform from her Ark Invest exchange-traded funds (ETFs).

Wood was the flavor of the month earlier this year as her ETFs exploded in 2020, generating outsize returns for investors. Year to date, though, her heavy investments in tech-related issues have caused her to dramatically underperform the broad indexes as the market cycled out of tech stocks.

While the S&P 500 is up about 18% this year, her popular Ark Innovation ETF (NYSEMKT: ARKK) and Ark Next Generation Innovation ETF (NYSEMKT: ARKW) are down 1.4% and up 3.2%, respectively.

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Source Fool.com