Why Skillz Soared This Week
Shares of the mobile gaming platform company Skillz (NYSE: SKLZ) jumped 16.2% this week, according to data from S&P Global Market Intelligence, as investors flooded back to the stock after the Federal Reserve increased interest rates by just 25 basis points earlier in the week.
While Skillz's recent share price surge easily outpaced the S&P 500's 2.6% gains this week, the video game stock is still down 77% over the past year.
High inflation and fears of recession have plagued the market over the past year, and the share prices of small growth companies like Skillz have been particularly hit hard.
Source Fool.com
