- The stock price of Skillz Inc (NYSE: SKLZ) fell 5.56% as it went from $15.46 to $14.60 during intraday trading. This is why it happened.
The stock price of Skillz Inc (NYSE: SKLZ) fell 5.56% as it went from $15.46 to $14.60 during intraday trading. One of the biggest catalysts for the stock price decrease today was a research report by Wells Fargo.
Wells Fargo decreased the price target on the Skillz shares from $28 to $18.50. And Wells Fargo analyst Brian Fitzgerald is keeping an “Equal Weight” rating on the shares. Fitzgerald is expecting the company shares to be range-bound and volatile in the future.
Earlier this week, the stock price of SKLZ fell due to a wider-than-expected loss for the quarter due to an increase in expenses. Skillz reported a loss of $0.15 per share for the first quarter compared to $0.06 during the same period a year earlier.
However, the company’s total revenue increased 92% year-aover-year to $83.7 million. And the company’s monthly active users hit 2.7 million for the quarter, up 3.8%. The company’s paying MAUs increased 81% compared to the same period a year earlier
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
