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Skillz managed to grow its revenue 136% and 92% in 2019 and 2020 respectively.
Investors bought into the hype, driving the price to sales ratio to 56 in February 2021.
A negative report on Skillz by a research firm and a stock offering in March caused the price to fall.
I argue that the stock price should still drop a lot more as it still has a high price-to-sales ratio compared to its peers while also being highly risky.