Skillz (NYSE:SKLZ) Stock Price Down 5.1%


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Skillz Inc. (NYSE:SKLZ)’s stock price was down 5.1% during mid-day trading on Thursday . The company traded as low as $16.88 and last traded at $16.99. Approximately 124,641 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 10,577,431 shares. The stock had previously closed at $17.91.

A number of research analysts have issued reports on SKLZ shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on Skillz in a research note on Monday, January 11th. They issued a “buy” rating and a $27.00 price objective for the company. UBS Group started coverage on Skillz in a research note on Wednesday, March 3rd. They issued a “neutral” rating and a $34.00 price objective for the company. Wells Fargo & Company assumed coverage on Skillz in a research note on Friday, January 15th. They issued an “equal weight” rating and a $28.00 price objective for the company. Canaccord Genuity increased their price target on Skillz from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, March 11th. Finally, Zacks Investment Research downgraded Skillz from a “hold” rating to a “sell” rating in a research note on Wednesday, March 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $29.50.

The company has a 50 day simple moving average of $26.98.

In related news, VP Charlotte Edelman sold 30,340 shares of the stock in a transaction dated Tuesday, March 23rd. The stock was sold at an average price of $23.34, for a total transaction of $708,135.60. Following the sale, the vice president now owns 130,413 shares of the company’s stock, valued at approximately $3,043,839.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kent Wakeford sold 42,465 shares of the stock in a transaction dated Tuesday, March 23rd. The stock was sold at an average price of $23.34, for a total value of $991,133.10. Following the sale, the director now directly owns 1,640,190 shares in the company, valued at approximately $38,282,034.60. The disclosure for this sale can be found here. Insiders have sold a total of 10,424,095 shares of company stock worth $243,298,377 in the last three months.

Institutional investors and hedge funds have recently modified their holdings of the stock. Atlas Venture Associates IX LLC purchased a new stake in shares of Skillz in the 4th quarter valued at about $465,688,000. T Ventures Management Co Ltd. purchased a new stake in shares of Skillz in the 4th quarter valued at about $308,992,000. Washington Harbour Partners LP purchased a new stake in shares of Skillz in the 4th quarter valued at about $57,763,000. Lord Abbett & CO. LLC purchased a new stake in shares of Skillz in the 4th quarter valued at about $33,207,000. Finally, Diameter Capital Partners LP purchased a new stake in shares of Skillz in the 4th quarter valued at about $26,000,000. 45.77% of the stock is currently owned by institutional investors and hedge funds.

About Skillz (NYSE:SKLZ)

Skillz Inc operates a mobile games platform that connects players worldwide. Its platform hosts casual esports tournaments. The company was founded in 2012 and is headquartered in San Francisco, California.

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