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

Skillz Inc. [NYSE: SKLZ] closed the trading session at $1.04 on 10/28/22. The day’s price range saw the stock hit a low of $0.92, while the highest price level was $1.04. The company report on October 20, 2022 that Play Mechanix is the Winner of the NFL & Skillz Game Developer Challenge.

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Play Mechanix’s NFL QB Shootout Is Skillz’ first NFL branded mobile game and is Now Available on iOS and Android.

The National Football League (NFL) and Skillz (NYSE: SKLZ), the leading mobile games platform bringing fair and fun competition to players worldwide, today revealed that Play Mechanix won the NFL & Skillz Game Developer Challenge. Through this first-of-its-kind collaboration, competing developers had the opportunity to create innovative NFL-inspired and branded mobile games powered by the Skillz esports platform. Play Mechanix was selected out of nearly 200 developers for their high-quality graphics, NFL brand representation, and fun and challenging game play that is expected to appeal to current NFL fans and others who may be experiencing the fun of the NFL for the first time.

The stocks have a year to date performance of -86.02 percent and weekly performance of -3.70 percent. The stock has been moved at -49.27 percent over the last six months. The stock has performed -2.80 percent around the most recent 30 days and changed -32.47 percent over the most recent 3-months.

If compared to the average trading volume of 7.73M shares, SKLZ reached to a volume of 10112746 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]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SKLZ shares is $1.82 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 2.70. 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.

BTIG Research have made an estimate for Skillz Inc. shares, keeping their opinion on the stock as Sell, with their previous recommendation back on October 12, 2022. While these analysts kept the previous recommendation, Canaccord Genuity dropped their target price from $5 to $1.50. The new note on the price target was released on August 04, 2022, representing the official price target for Skillz Inc. stock. Previously, the target price had yet another drop from $5 to $2.10, while Citigroup kept a Neutral rating on SKLZ stock. On February 24, 2022, analysts decreased their price target for SKLZ shares from 25 to 7.50.

The Average True Range (ATR) for Skillz Inc. is set at 0.11, with the Price to Sales ratio for SKLZ stock in the period of the last 12 months amounting to 1.14. 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 1.13.

SKLZ stock trade performance evaluation

Skillz Inc. [SKLZ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.70. With this latest performance, SKLZ shares dropped by -2.80% in over the last four-week period, additionally sinking by -49.27% over the last 6 months – not to mention a drop of -91.03% 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 48.62, with the RSI for the last a single of trading hit 51.13, and the three-weeks RSI is set at 46.84 for Skillz Inc. [SKLZ]. The present Moving Average for the last 50 days of trading for this stock 1.1602, while it was recorded at 1.0400 for the last single week of trading, and 2.1618 for the last 200 days.

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

Skillz Inc. [SKLZ]: Insider Ownership positions

There are presently around $178 million, or 48.70% 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 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.

103 institutional holders increased their position in Skillz Inc. [NYSE:SKLZ] by around 26,042,672 shares. Additionally, 104 investors decreased positions by around 22,235,582 shares, while 64 investors held positions by with 122,691,939 shares. The mentioned changes placed institutional holdings at 170,970,193 shares, according to the latest SEC report filing. SKLZ stock had 39 new institutional investments in for a total of 2,724,448 shares, while 39 institutional investors sold positions of 2,759,806 shares during the same period.


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