Skillz sinks after Thursday's meme-like spike

Allbirds

24/04/2026 13:34

** Mobile gaming platform Skillz SKLZ.N shares down 30% premarket to $8.71, a day after they more than tripled

** SKLZ shares spiked more than fivefold before finishing up 238% at $12.45 on Thursday after rival Papaya Gaming Ltd was found liable for false advertising and ordered by a Manhattan federal court jury to pay $420 mln in damages to Skillz

** Las Vegas, Nevada-based Skillz accused Papaya of using bots in certain games and tournaments, and claimed Papaya falsely advertised them as "skill-based" competition between humans

** About 31 mln SKLZ shares exchanged hands on Thursday, double co's total shares outstanding

** Skillz joins the likes of Avis Budget CAR.O, which has zoomed amid a short squeeze, and follows last week's eye-popping rally in stock of Allbirds BIRD.O in a sign that another meme-stock season is just getting started

** Nearly 16% of Skillz's free float is shorted as of Thursday, according to Ortex data

** SKLZ currently among top-watched tickers on retail investor forum Stocktwits

(Reporting by Lance Tupper and Medha Singh)
(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))