The past month has been fairly difficult for investors in Skillz (NYSE:SKLZ) as the stock suffered from a significant selloff and it continued yesterday as it ended up with a decline of as much as 5% for the day.
Trading Data
On Monday, SKLZ stock moved down 5% to $3.97 with 11.88 million share, compared to its average volume of 13.94 million shares. The stock moved within a range of $3.9700 – 4.2900 after opening trade at $4.10.
Key Analysis
In this regard, it should be noted that the decline on Monday took the cumulative decline over the course of the past month to as much as 30%. The selloff in the stock had strengthened earlier on this month after it emerged that investing savant Cathie Wood had sold a massive number of shares that had been held by her company Ark Invest funds.
Such a move from globally renowned investors can often come as a killed blow for many stocks and that is what happened with the Skills stock in the past few days. It should be noted that although Wood’s performance as an investor was underwhelming in the past year, she has been one of the stars of the investing world for many years. Hence, it is no surprise that her every move in the market is tracked closely by investors and then often replicated. At this point, it remains to be seen if the Skills stock can make a recovery or not.
Technical Data
SKLZ stock is trading below the 20-Day and 50-Day Moving averages of $4.67 and $6.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $11.81.
