What happened
Shares of Skillz (SKLZ -2.09%) were sliding 5.4% heading into noontime trading Friday as the market frets about something that, at this point, shouldn't be a concern anymore.
Investing guru Cathie Wood sold some more of her shares in the mobile esports platform, some 20,000 between her ARK Next Generation Internet exchange traded fund (ETF) and her ARK Innovation ETF. Considering that's like a rounding error to the millions that she sold over the past month, it's a wonder investors were still getting worked up over it.
Image source: Getty Images.
So what
Wood is a star money manager whose daily trade announcements are still watched closely by investors despite her performance having gone cold over the past year. She had been a big buyer of Skillz stock back then, but made waves late last month and earlier this month when she sold off almost all her holdings in the esports stock. She sold over 11 million shares in just one day in January.
That's why the latest move is so curious. The current tranche sold amounts to less than 0.002% of the number of shares she sold that day, and an even smaller percentage of the total amount she's disposed of over time.
Now what
It should be a nonissue that Wood has a serious case of don't-want-itis when it comes to Skillz, but being rejected is obviously still painful.
The esports platform will be reporting fourth-quarter earnings next week, which is when investors will get a look at something that actually matters. And in true meme-stock fashion, Skillz is also collecting questions from small retail investors to read and answer during the earnings conference call following the financial results release.
