Skillz (NYSE:FIRY) Stock Price Breaks Below 50-Day Moving Average – Should You Sell?

Skillz Inc. (NYSE:FIRY)’s share price passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $11.64 and traded as low as $10.75. Skillz shares last traded at $10.87, with a volume of 188,844 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FIRY. Weiss Ratings reissued a “sell (d-)” rating on shares of Skillz in a research report on Friday, October 2nd. Wall Street Zen upgraded Skillz from a “strong sell” rating to a “sell” rating in a research report on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Skillz Stock Down 9.8%

The company’s 50-day moving average price is $11.64. The company has a market capitalization of $180.66 million, a PE ratio of -2.46 and a beta of 4.65.

Skillz (NYSE:FIRY) last released its earnings results on Thursday, August 13th. The company reported ($1.52) earnings per share (EPS) for the quarter. The firm had revenue of $30.99 million during the quarter. Skillz had a negative return on equity of 66.50% and a negative net margin of 60.23%.

Hedge Funds Weigh In On Skillz

An institutional investor recently raised its stake in Skillz stock. Hsbc Holdings PLC grew its position in Skillz Inc. (NYSE:FIRY) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,856 shares of the company’s stock after purchasing an additional 1,774 shares during the quarter. Hsbc Holdings PLC owned approximately 0.08% of Skillz worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 19.42% of the company’s stock.

About Skillz

Skillz operates a mobile gaming platform that enables players to compete in skill-based games, including through tournaments and head-to-head matches. The company provides the technology and services that game developers use to add competition, player engagement and monetization features to their mobile games. Founded in 2012 by Andrew Paradise and Casey Chafkin, Skillz has also expanded into mobile advertising through its acquisition of ad-tech company Aarki. Andrew Paradise has served as the company’s chief executive officer.