Shares of video game software maker Unity Software, Inc. U soared in late afternoon trading on Monday after a brief trading halt.
What Happened: Unity Software shares were trading mostly sideways around the $31 level until an announcement from Apple, Inc. AAPL led to huge volatility in the stock.
The stock opened Monday's session at $31.11, slightly higher than its Friday's closing price of $31. Apple said at the keynote of its annual Worldwide Developers Conference on Monday that it was working with Unity Software as part of the release of the Apple Vision Pro mixed-reality headset it unveiled.
“Today, we are excited to share that we've been working with Unity to bring those apps to Vision Pro, so popular Unity-based games and apps can gain full access to VisionOS features such as Passthrough, high-resolution rendering and native gestures,” said Susan Prescott, Apple's VP, worldwide developers relations, in the keynote presentation that lasted a little over two hours.
Unity Software's shares took off on the announcement and rallied as high as $39.45 with about 40 minutes to go for the close. At the intraday peak, the stock was up a staggering 27.3%. Buying interest moderated slightly into the close. The stock settled the session up 17.16% at $36.32, according to Benzinga Pro data.
Why It’s Important: Unity Software debuted as a public company in September 2020 and ended the session at $68.35, up solidly from the initial public offering price of $52.
San Francisco, California-based Unity Software was founded in 2004 as "Over the Edge Entertainment" and took its current name in 2007. The company has developed Unity, a licensed game engine used to create video games and other applications.
Cathie Wood-run Ark Investment Management‘s flagship Ark Innovation ETF ARKK exchange-traded fund has Unity Software as its 11th biggest holding. ARKK owns 8.78 million shares of the company.
Unity Software is a part of the Ark Autonomous Technology & Robotics ARKQ ETF, with a 9.91% weighting. The company is the fund's second-biggest holding after Tesla. Unity Software is also held by the Ark Next Generation Internet ETF AKRW
The stock is currently trading off its all-time high of $210, reached in late November 2021.
Read Next: Cathie Wood Adds $31M In Gaming Software Firm After Its $4.4B M&A Deal
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