If You Own This Stock, It's Time to Sell

It's time to sell Skillz (NYSE: SKLZ) stock. The company's shares are already down 97% from their all-time highs, so some readers might say the time to sell has already come and gone. As a shareholder myself, it's a point well taken.

However, I stubbornly held Skillz stock until now for a reason. I've made some mistakes I can hopefully learn from, but I don't want to make a far more costly mistake in the future -- a mistake more costly than a 97% loss.

Skillz provides a platform where skills-based video game companies can allow users to bet money in head-to-head and tournament-style competitions. Competitors pay in to participate, the game developer takes a cut, Skillz takes a cut, and the winner pockets the rest. It sounds like a viable business model. However, the results released over the past year have confirmed my greatest fear about Skillz: There's not much real consumer demand for this.

Source Fool.com