Why Skillz Slumped on Thursday
A day after rising stratospherically, Skillz (NYSE: SKLZ) stock obeyed gravity. At one point on Thursday the stock was down nearly 11%; it ultimately recovered, but still closed the day in negative territory with a 1.5% drop.
That came a day after Skillz announced a sensible and inexpensive acquisition, that of Silicon Valley-based mobile ad specialist Aarki for $150 million in cash and stock. That, combined with a potential short squeeze in the stock, catapulted Skillz shares high in the air on Wednesday.
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Source Fool.com
