Mobile gaming company Skillz Inc (NYSE:SKLZ) may be an innovative company that may have a future in the long run but at this point in time, the stock is not in the good books of investors. That being said, it is also necessary to note that the volatility in the market has been one of the factors that affected the stock.
Trading Data
On Monday, SKLZ stock fell 5% to $1.74 with more than 11.59 million shares, compared to its average volume of 12.39 million shares. The stock moved within a range of $ \1.6900 – 1.8100 after opening trade at $1.80.
Major Analysis
In addition to that, the clamor for growth stocks among investors has eased a lot and that is another factor behind the current state of the Skillz stock. In addition to that, Skills is not profitable yet and such growth stocks are certainly not on the agenda for most investors at this point in time.
While the conditions in the market may not be favorable, it cannot be denied that the poor financial results delivered by the company had an impact as well. Hence, it is perhaps not a surprise that the stock is trading at levels below $2 a share at this point in time.
The losses were higher than expectations and although the company claims that it was working on becoming profitable, it seems there is still a long time to go before that actually happens.
Technical Data
SKLZ stock is trading below the 20-Day and 50-Day Moving averages of $1.95 and $2.45 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.86.
