Cathie Wood-led Ark Investment Management snapped up over 3 million shares, worth about $52.1 million, in Skillz Inc SKLZ ahead of the mobile gaming company’s first-quarter financial earnings on Tuesday.
SKLZ shares closed 2.66% higher at $16.96 on Tuesday and were down 1.53% in after-hours trading.
Skillz reported a wider loss of $53.6 million in the quarter ended March 31, compared with a loss of $15.5 million a year ago. The company’s revenue jumped 92% to $83.7 million during the period.
The San Francisco-based company also raised its full-year revenue guidance to $375 million from $336.
The New York-based hedge fund had last week come out in support of the company amid short-seller allegations related to its revenue recognition practices and the NFL partnership.
Ark had then said it reviewed the reports and believes the claims were either exaggerated or incorrect.
See Also: Why Cathie Wood Is Bullish On Skillz?
Ark owns about 12.9 million shares in Skillz divided between the ARK Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW, worth about $218.3 million, ahead of Tuesday's trade.
Skillz invested heavily in ads in the first quarter, citing favorable ad rates.
The company hired its first-ever chief marketing officer, bringing in Tyler Williamson from Beats Electronics, and also named Ian Lee as its chief financial officer, who was previously with Airbnb Inc ABNB.
The company currently draws 90% of its revenue from North America and is also planning an upcoming launch in India with local content.
Other Ark Buys On Tuesday:
- StoneCo Ltd STNE
- Zymergen Inc ZY
- Recursion Pharmaceuticals RXRX
- CM Life Sciences II Inc CMIIU
- Ionis Pharmaceuticals Inc IONS
- Repare Therapeutics Inc RPTX
- 908 Devices MASS
- UiPath Inc PATH
- Palantir Technologies PLTR
- Teladoc Health Inc TDOC
- Twilio Inc TWLO
- Beam Therapeutics Inc BEAM
- Iridium Communications IRDM
- Coinbase Global Inc COIN
- Berkeley Lights Inc BLI
- Vuzix Corp VUZI
- Unity Software Inc U
- Galileo Acquisitions Corp (GLEO
- JD.com JD
- Tencent Holdings Ltd TCEHY
Other Ark Sells On Tuesday:
- Intercontinental Exchange Inc ICE
- Thermo Fisher Scientific Inc TMO
- Roche Holding Ag RHHBY
- Regeneron Pharmaceuticals Inc REGN
- Pluristem Therapeutics PSTI
- Phreesia PHR
- Pure Storage Inc PSTG
- Exact Sciences EXAS
- LendingTree Inc TREE
- Baidu Inc BIDU
- Square Inc SQ
- Synopsys Inc SNPS
- PACCAR PCAR
- Teledyne Technologies Inc TDY
- Silvergate Capital SI
- Adyen NV ADYEY
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