Here's Why Skillz Stock Shot Up Today

Shares of mobile-gaming platform Skillz (NYSE: SKLZ) shot up on Wednesday after a prominent analyst maintained a buy rating on the stock and set a price target almost double to where it trades right now. As of 3 p.m. ET, Skillz stock was up 14%. It's a small reprieve for shareholders who have seen the stock tumble 90% from its 52-week high.

Citi analyst Jason Bazinet is keeping a buy rating for Skillz stock, according to The Fly. To Bazinet's credit, the analyst hasn't wavered in calling this stock a buy, now recommending it four times in the past year, according to TipRanks. However, the price target for Skillz stock has been falling along with the stock price. When Bazinet started covering Skillz last year, it was given a price target of $27 per share. The price target has steadily dropped in subsequent buy recommendations to today's price target of $9 per share.

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Source Fool.com