Why Skillz Is Soaring today

Shares of Skillz (NYSE: SKLZ) were running 9% higher in morning trading Monday after the mobile esports platform got a vote of confidence from investing guru Cathie Wood, who bought a large tranche of the stock for her ARK Invest exchange-traded funds. Skillz has been on a long downward slide with the stock losing more than three-quarters of its value after soaring to over $46 per share during the meme stock trading frenzy back in February. Since then, Skillz stock has climbed nearly 40%, though at around $11 a stub it remains severely depressed.