Wedbush slashes price target on Skillz Inc. [SKLZ] – find out why.

Skillz Inc. [NYSE: SKLZ] surged by $1.81 during the normal trading session on Wednesday and reaching a high of $27.49 during the day while it closed the day at $26.31.

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Skillz Inc. stock has also gained 18.25% of its value over the past 7 days. However, SKLZ stock has inclined by 89.28% in the 3 months of the year. Over the past six months meanwhile, it has gained 139.40% and gained 31.55% year-on date.

The market cap for SKLZ stock reached $7.67 billion, with 291.71 million shares outstanding and 67.18 million shares in the current float. Compared to the average trading volume of 3.89M shares, SKLZ reached a trading volume of 6523872 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Skillz Inc. [SKLZ]:

Wedbush have made an estimate for Skillz Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 13, 2021. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on January 12, 2021, representing the official price target for Skillz Inc. stock. Previously, the target price had yet another raise to $27, while Citigroup analysts kept a Buy rating on SKLZ stock.

The Average True Range (ATR) for Skillz Inc. is set at 2.45, with the Price to Sales ratio for SKLZ stock in the period of the last 12 months amounting to 38.93.

SKLZ stock trade performance evaluation

Skillz Inc. [SKLZ] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 18.25. With this latest performance, SKLZ shares gained by 34.92% in over the last four-week period, additionally plugging by 139.40% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SKLZ stock in for the last two-week period is set at 71.14, with the RSI for the last a single of trading hit 74.93, and the three-weeks RSI is set at 69.22 for Skillz Inc. [SKLZ]. The present Moving Average for the last 50 days of trading for this stock 17.04, while it was recorded at 23.63 for the last single week of trading.

Skillz Inc. [SKLZ]: An insightful look at the core fundamentals

Skillz Inc. [SKLZ]: Insider Ownership positions

There are presently around $1,040 million, or 29.80% of SKLZ stock, in the hands of institutional investors. The top three institutional holders of SKLZ stocks are: MILLENNIUM MANAGEMENT LLC with ownership of 5,250,600, which is approximately 36.581% of the company’s market cap and around 20.16% of the total institutional ownership; MORGAN STANLEY, holding 4,624,371 shares of the stock with an approximate value of $121.67 million in SKLZ stocks shares; and LH CAPITAL MARKETS, LLC, currently with $99.98 million in SKLZ stock with ownership of nearly 20.635% of the company’s market capitalization.

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83 institutional holders increased their position in Skillz Inc. [NYSE:SKLZ] by around 19,564,532 shares. Additionally, 33 investors decreased positions by around 17,914,260 shares, while 4 investors held positions by with 2,033,574 shares. The mentioned changes placed institutional holdings at 39,512,366 shares, according to the latest SEC report filing. SKLZ stock had 69 new institutional investments in for a total of 16,503,005 shares, while 18 institutional investors sold positions of 6,099,630 shares during the same period.

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