Why Skillz Stock Plummeted 40% Last Month

Shares of mobile-gaming platform Skillz (NYSE: SKLZ) plummeted 39.8% in March, according to data provided by S&P Global Market Intelligence. Looking at the chart, the stock was flat until mid-month, initially withstanding an attack from a short seller. However, the company did a stock offering that didn't sit well with investors.

Wolfpack Research believes Skillz is a soon-to-be "spectacular disaster," according to the short report it published on March 8. The firm alleges Skillz management, at best, is overhyping a deal with the National Football League (NFL). At worst, the report suggests the deal could even be made up.

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Source Fool.com