Here's 1 Thing Holding Skillz Stock Down

In September 2020, mobile-gaming platform Skillz (NYSE: SKLZ) announced it was going public via a special purpose acquisition company (SPAC). As of this writing, the stock trades almost exactly where it traded then. But it's been a colossal roller coaster ride to get here. At one point, shares of Skillz were up more than 300%. But they're now down 75% from their high earlier this year.

Whether Skillz stock was overvalued then or undervalued now isn't the issue. The matter at hand is where the stock is going from here. And to this, I can say something with certainty: If Skillz is going to return to its former glory, it's going to have to grow its business substantially. And right now, it's being held down by the limited game genres available on its platform.

Image source: Getty Images.

Source Fool.com