Why Sea Limited Rose as Much as 5% Today

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Sea Limited (NYSE: SE), the Singaporean e-commerce and video game company, traded as much as 5.2% over its previous day’s closing price Friday, before settling down to close 3.3% higher. This can be attributed to a noted exchange-traded fund (ETF) making a sizable buy in the company’s shares.

ARK Innovation ETF (NYSEMKT: ARKK), part of ARK Invest’s suite of ETFs guided by stock market rock star of the moment Cathie Wood, bought over 100,000 shares of Sea Limited Thursday. And when one of Wood’s funds makes a buy, people tend to notice the target stock and grab it too.

Image source: Getty Images.

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