Skillz Inc. (NYSE:SKLZ) marked $1.54 per share on Monday, down from a previous closing price of $1.58. While Skillz Inc. has underperformed by -2.53%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, SKLZ fell by -89.06%, with highs and lows ranging from $14.68 to $1.15, whereas the simple moving average fell by -67.50% in the last 200 days.
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On May 23, 2022, Citigroup Downgraded Skillz Inc. (NYSE: SKLZ) to Neutral. A report published by Wedbush on February 24, 2022, Reiterated its previous ‘Outperform’ rating for SKLZ. RBC Capital Mkts also reiterated SKLZ shares as ‘Sector Perform’, quoting a target price of $2.50 on the company’s shares in a report dated February 24, 2022. Canaccord Genuity Reiterated the rating as Buy on February 24, 2022, but set its price target from $12 to $7. Citigroup initiated its ‘Buy’ rating for SKLZ, as published in its report on February 08, 2022. Citigroup’s report from November 03, 2021 suggests a price prediction of $23 for SKLZ shares, giving the stock a ‘Buy’ rating. BTIG Research also rated the stock as ‘Neutral’.
Analysis of Skillz Inc. (SKLZ)
Further, the quarter-over-quarter increase in sales is 11.60%, showing a positive trend in the upcoming months.
In order to gain a clear picture of Skillz Inc.’s future performance, a variety of well-rounded analysis and research techniques can be applied, with equity being the most critical. The goal here is to ensure that your current return on equity of -45.70% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 7.10, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
An average volume of 9.72M can be a very valuable indicator of volatility for SKLZ stock. On a monthly basis, the volatility of the stock is set at 9.10%, whereas on a weekly basis, it is put at 8.68%, with a gain of 6.21% over the past seven days. Furthermore, long-term investors anticipate a median target price of $3.29, showing growth from the present price of $1.54, which can serve as yet another indication of whether SKLZ is worth investing in or should be passed over.
How Do You Analyze Skillz Inc. Shares?
In addition to the fundamentals, you should also consider how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 6.10%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 49.70% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in SKLZ shares?
The recent increase in stakes in SKLZ appears to be a result of several institutional investors and hedge funds increasing their positions. Wildcat Capital Management LLC’s position in SKLZ has decreased by 0.00% in the first quarter. The company now owns 21,632,157 shares of the stock, with a value of $26.82 million, following the sale of 0 additional shares during the last quarter. During the last quarter, the company picked up 16,074,900 additional shares for a total stake of worth $19.93 million, bringing number of shares owned by the company to 16,074,900.
During the first quarter, The Vanguard Group, Inc. added a 637,807 position in SKLZ. BlackRock Fund Advisors sold an additional -0.2 million shares in the last quarter, decreasing its holdings by -1.96%, now holding 10.2 million shares worth $12.65 million. At the end of the first quarter, SSgA Funds Management, Inc. increased its SKLZ holdings by 58.08% and now holds 6.98 million SKLZ shares valued at $8.66 million with the added 2.56 million shares during the period. SKLZ shares are owned by institutional investors to the tune of 49.70% at present.
