Why Skillz Stock Had Another Roller-Coaster Ride on Thursday

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. In this case, some of them might have grabbed Skillz on the news only to sell it off almost immediately on the bounce for a quick and easy profit.