why Skillz Inc. [SKLZ] is a Good Choice for Investors After New Price Target of $2.07

Skillz Inc. [NYSE: SKLZ] traded at a low on 10/10/22, posting a -1.89 loss after which it closed the day’ session at $1.04. The company report on September 12, 2022 that Skillz Names Gaming Industry Veteran Vassily Filippov Chief Technology Officer.

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Former Engineering Leader at Meta, Apple, and Riot Games Brings Deep Game Development and Engineering Expertise to Skillz.

Skillz (NYSE: SKLZ), the leading mobile games platform, today announced the appointment of Vassily Filippov to the role of Chief Technology Officer. An experienced gaming leader who most recently served as the Director of Engineering at Meta, Filippov joins the Skillz C-suite, further bolstering the company’s executive team and product leadership bench.

The results of the trading session contributed to over 8956758 shares changing hands. Over the past one week, the price volatility of Skillz Inc. stands at 7.28% while the volatility over the past one month is 7.51%.

The market cap for SKLZ stock reached $444.16 million, with 408.16 million shares outstanding and 280.21 million shares in the current float. Compared to the average trading volume of 6.70M shares, SKLZ reached a trading volume of 8956758 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $2.07 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 2.50. 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.

Canaccord Genuity have made an estimate for Skillz Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on August 04, 2022. While these analysts kept the previous recommendation, Citigroup dropped their target price from $5 to $2.10. The new note on the price target was released on May 23, 2022, representing the official price target for Skillz Inc. stock. Previously, the target price had yet another drop from $25 to $7.50, while Wedbush kept a Outperform rating on SKLZ stock. On February 24, 2022, analysts decreased their price target for SKLZ shares from 12 to 2.50.

The Average True Range (ATR) for Skillz Inc. is set at 0.08, with the Price to Sales ratio for SKLZ stock in the period of the last 12 months amounting to 1.18. The Price to Book ratio for the last quarter was 0.84, with the Price to Cash per share for the same quarter was set at 1.10.

How has SKLZ stock performed recently?

Skillz Inc. [SKLZ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.89. With this latest performance, SKLZ shares dropped by -22.96% in over the last four-week period, additionally sinking by -60.00% over the last 6 months – not to mention a drop of -87.08% in the past year of trading.

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 40.51, with the RSI for the last a single of trading hit 40.53, and the three-weeks RSI is set at 41.20 for Skillz Inc. [SKLZ]. The present Moving Average for the last 50 days of trading for this stock 1.3738, while it was recorded at 1.0920 for the last single week of trading, and 2.5830 for the last 200 days.

Skillz Inc. [SKLZ]: Deeper insight into the fundamentals

Skillz Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.60 and a Current Ratio set at 8.60.

Insider trade positions for Skillz Inc. [SKLZ]

There are presently around $178 million, or 48.90% 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 22,909,859, which is approximately 0% of the company’s market cap and around 5.90% of the total institutional ownership; WILDCAT CAPITAL MANAGEMENT, LLC, holding 21,632,157 shares of the stock with an approximate value of $22.5 million in SKLZ stocks shares; and BLACKROCK INC., currently with $22.1 million in SKLZ stock with ownership of nearly 84.233% of the company’s market capitalization.

105 institutional holders increased their position in Skillz Inc. [NYSE:SKLZ] by around 26,043,056 shares. Additionally, 116 investors decreased positions by around 22,276,812 shares, while 61 investors held positions by with 122,795,997 shares. The mentioned changes placed institutional holdings at 171,115,865 shares, according to the latest SEC report filing. SKLZ stock had 43 new institutional investments in for a total of 2,744,976 shares, while 46 institutional investors sold positions of 2,761,051 shares during the same period.


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