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Why Skillz Stock Tumbled Today

TheMotleyFool

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Cathie Wood, the founder and CEO of ARK Investment Management, is one of the most influential investors on the market today -- and where she goes, many investors follow. On Thursday, many followed her out of mobile gaming-platform-developer Skillz (NYSE: SKLZ). The stock consequently fell by 1.5% on the day, which was steeper than the decline of the S&P 500 index.

ARK, which manages a clutch of exchange-traded funds, publishes a daily list of the previous-day's trades. On Thursday, the latest update revealed that the company's ARK Innovation ETF (NYSEMKT: ARKK) unloaded just under 1 million shares of Skillz. ARK doesn't reveal the prices it obtains for its sales.

Image source: Getty Images.

Source Fool.com

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