SKLZ Stock Alert: Investors Snap Up Skillz Shares as Cathie Wood Sells

Skillz (NYSE:SKLZ) stock is on the move Monday as investors react to Cathie Wood’s Ark Invest selling a large chunk of its stake in the company.

Skillz company logo on a website representing SKLZ Stock.

Source: Dennis Diatel / Shutterstock.com

The latest sale of SKLZ stock saw Ark Invest getting rid of some 1.2 million shares of the stock on Friday. That followed its sale of about 2.5 million shares on Wednesday, as well as a couple of smaller sales earlier in the week.

With all these sales, some might be wondering why SKLZ stock is on the rise today. There’s likely one major factor behind that that investors will want to know about.

SKLZ stock could be rising higher today as other investors snatch up the shares being sold by Ark Invest. We are seeing heavy trading from the stock today with more than 13 million shares on the move. That roughly matches its daily average trading volume and is set to easily surpass it before the day comes to a close.

However, it’s worth noting that SKLZ has a low price that makes it easy for retail traders to invest in. That means we could be seeing a pump as retail traders buy up shares of the stock today on the Ark Invest sales. It’s possible this will result in the price of SKLZ stock falling again once those traders sell their shares.

SKLZ stock is up 9.6% as of Monday afternoon and is down 38.1% since the start of the year.

Investors on the lookout for more stock market news are in the right place!

InvestorPlace has all the latest stock coverage that traders need to know about for Monday. That includes what’s happening with electric vehicle (EV) stocks today, the latest on Roblox (NYSE:RBLX) stock, as well as why Inspira Technologies (NASDAQ:IINN) stock is moving. You can find out more at the following link!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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