Skillz (NYSE: SKLZ) has been a volatile but ultimately disappointing investment for many investors since it hit the market. The online gaming platform company went public by merging with a special purpose acquisition company (SPAC) last December, and its stock started trading at $17.89 before skyrocketing to an all-time high of $46.30 during the Reddit-fueled rally in February.
However, Skillz's stock subsequently tumbled to about $10 per share, even as Cathie Wood's ARK Invest -- which holds 23.7 million shares of Skillz in its ARK Innovation and ARK Next Generation exchange-traded funds (ETFs) -- stayed fiercely bullish. Let's review what Skillz does, how fast it's growing, and whether or not investors should consider buying the stock at these depressed levels.
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Source Fool.com