Skillz Inc. [SKLZ] Revenue clocked in at $230.10 million, up 23.70% YTD: What’s Next?

Skillz Inc. [NYSE: SKLZ] price plunged by -3.85 percent to reach at -$0.99. The company report on March 19, 2021 that Skillz Announces Pricing of Public Offering of Class A Common Stock.

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Skillz Inc. (NYSE: SKLZ) (“Skillz”) announced the pricing of its previously announced underwritten public offering of 32,000,000 shares of its Class A common stock. Skillz will sell 17,000,000 shares of its Class A common stock and certain selling stockholders will sell 15,000,000 shares of Class A common stock, at a public offering price of $24.00 per share. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 4,800,000 shares of Class A common stock. The offering is expected to close on or about March 23, 2021, subject to the satisfaction of customary closing conditions.

Skillz intends to use the net proceeds it receives from the offering for working capital and general corporate purposes. Skillz will not receive any proceeds from the sale of Class A common stock offered by the selling stockholders.

A sum of 11972187 shares traded at recent session while its average daily volume was at 8.95M shares. Skillz Inc. shares reached a high of $26.55 and dropped to a low of $24.74 until finishing in the latest session at $24.74.

The one-year SKLZ stock forecast points to a potential upside of 22.2. The average equity rating for SKLZ stock is currently 1.80, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Skillz Inc. [SKLZ]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SKLZ shares is $31.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SKLZ stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

UBS have made an estimate for Skillz Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 25, 2021. While these analysts kept the previous recommendation, Canaccord Genuity raised their target price to Buy. The new note on the price target was released on January 19, 2021, representing the official price target for Skillz Inc. stock. Previously, the target price had yet another raise to $28, while Wells Fargo analysts kept a Equal Weight rating on SKLZ stock.

The Average True Range (ATR) for Skillz Inc. is set at 3.51, with the Price to Sales ratio for SKLZ stock in the period of the last 12 months amounting to 41.34. The Price to Book ratio for the last quarter was 30.92, with the Price to Cash per share for the same quarter was set at 0.68.

SKLZ Stock Performance Analysis:

Skillz Inc. [SKLZ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -21.34. With this latest performance, SKLZ shares dropped by -31.16% in over the last four-week period, additionally plugging by 92.53% 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 39.16, with the RSI for the last a single of trading hit 34.38, and the three-weeks RSI is set at 42.81 for Skillz Inc. [SKLZ]. The present Moving Average for the last 50 days of trading for this stock 30.63, while it was recorded at 27.46 for the last single week of trading, and 17.46 for the last 200 days.

Insight into Skillz Inc. Fundamentals:

Skillz Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.80 and a Current Ratio set at 5.80.

Skillz Inc. [SKLZ] Insider Position Details

There are presently around $3,963 million, or 45.70% of SKLZ stock, in the hands of institutional investors. The top three institutional holders of SKLZ stocks are: ATLAS VENTURE ASSOCIATES IX, LLC with ownership of 23,284,403, which is approximately New of the company’s market cap and around 5.70% of the total institutional ownership; ATLAS VENTURE ASSOCIATES XI, LLC, holding 23,284,403 shares of the stock with an approximate value of $599.11 million in SKLZ stocks shares; and WILDCAT CAPITAL MANAGEMENT, LLC, currently with $551.47 million in SKLZ stock with ownership of nearly New of the company’s market capitalization.

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84 institutional holders increased their position in Skillz Inc. [NYSE:SKLZ] by around 138,763,227 shares. Additionally, 75 investors decreased positions by around 24,202,347 shares, while 3 investors held positions by with 8,936,909 shares. The mentioned changes placed institutional holdings at 154,028,665 shares, according to the latest SEC report filing. SKLZ stock had 63 new institutional investments in for a total of 108,278,124 shares, while 54 institutional investors sold positions of 18,281,622 shares during the same period.

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