Skillz (NYSE: SKLZ) burned a lot of investors after it went public via a merger with a special purpose acquisition company (SPAC) in Dec. 2020.
Skillz's stock started trading at $17.89 on its first day, then skyrocketed to an all-time high of $45.55 during the Reddit-fueled rally in "meme stocks" in Feb. 2021. Cathie Wood also aggressively accumulated shares of Skillz for her Ark Innovation (NYSEMKT: ARKK) and Ark Next Generation (NYSEMKT: ARKW) exchange-traded funds (ETFs) throughout the year.
But today, Skillz's stock only trades at about $4 per share, and Wood's ETFs have also sold most of their shares since the beginning of the year. Let's see why the bears overwhelmed the bulls, and whether or not this battered tech stock has a shot at recovering over the next few quarters.
Source Fool.com