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 changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen upgraded Skillz from a “strong sell” rating to a “sell” rating in a report on Monday, August 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Skillz in a research note on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold”.

Skillz Stock Performance

The stock has a market capitalization of $180.66 million, a P/E ratio of -2.46 and a beta of 4.65. The stock’s fifty day moving average price is $11.64.

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

Hedge Funds Weigh In On Skillz

A hedge fund recently bought a new position in Skillz stock. NewEdge Advisors LLC bought a new stake in shares of Skillz Inc. (NYSE:FIRY) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 28,136 shares of the company’s stock, valued at approximately $73,000. NewEdge Advisors LLC owned about 0.18% of Skillz at the end of the most recent quarter. 19.42% of the stock is currently owned by institutional investors and hedge funds.

Skillz Company Profile

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.