Skillz Inc. (NYSE:SKLZ) marked $0.80 per share on Friday, up from a previous closing price of $0.72. While Skillz Inc. has overperformed by 11.12%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, SKLZ fell by -85.51%, with highs and lows ranging from $5.82 to $0.45, whereas the simple moving average fell by -41.51% in the last 200 days.
On October 12, 2022, BTIG Research Downgraded Skillz Inc. (NYSE: SKLZ) to Sell. A report published by Canaccord Genuity on August 04, 2022, Downgraded its rating to ‘Hold’ for SKLZ. Citigroup also Downgraded SKLZ shares as ‘Neutral’, setting a target price of $2.10 on the company’s shares in a report dated May 23, 2022. Wedbush Reiterated the rating as Outperform on February 24, 2022, but set its price target from $25 to $7.50. RBC Capital Mkts resumed its ‘Sector Perform’ rating for SKLZ, as published in its report on February 24, 2022. Canaccord Genuity’s report from February 24, 2022 suggests a price prediction of $7 for SKLZ shares, giving the stock a ‘Buy’ rating. Citigroup also rated the stock as ‘Buy’.
Analysis of Skillz Inc. (SKLZ)
Further, the quarter-over-quarter decrease in sales is -40.90%, showing a negative 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 -73.10% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 9.30, 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 10.31M can be a very valuable indicator of volatility for SKLZ stock. On a monthly basis, the volatility of the stock is set at 12.20%, whereas on a weekly basis, it is put at 14.27%, with a gain of 20.01% over the past seven days. Furthermore, long-term investors anticipate a median target price of $1.44, showing growth from the present price of $0.80, 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 3.70%. 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 44.30% 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 -9.41% in the first quarter. The company now owns 19,596,988 shares of the stock, with a value of $9.94 million, following the sale of -2,035,169 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in SKLZ during the first quarter, upping its stake by 1.76%. During the last quarter, the company picked up 323,751 additional shares for a total stake of worth $9.48 million, bringing number of shares owned by the company to 18,690,342.
During the first quarter, The Vanguard Group, Inc. added a 2,803,959 position in SKLZ. SSgA Funds Management, Inc. purchased an additional 2.22 million shares in the last quarter, increasing its holdings by 23.63%, now holding 11.62 million shares worth $5.89 million. At the end of the first quarter, Renaissance Technologies LLC decreased its SKLZ holdings by -42.99% and now holds 5.94 million SKLZ shares valued at $3.01 million with the lessened -4.48 million shares during the period. SKLZ shares are owned by institutional investors to the tune of 44.30% at present.