Why Did Skillz Stock Get Hammered Today?
There was no holiday cheer for shareholders of Skillz (NYSE: SKLZ) on Monday as shares surprisingly got hammered even though the market averages were sharply up. As of 3 p.m. ET, Skillz stock was down 7%.
There weren't any press releases from Skillz today, which makes the drop in price somewhat unexpected. An article from InvestorPlace this morning suggested the stock could plummet to $0. In short, Ian Bezek (the article's author) believes Skillz is a business with dubious long-term prospects due to expensive user incentives. And perhaps such a bold headline was enough to spook investors.
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Source Fool.com
