Why Skillz Rose as Much as 25% Today
Shares of beleaguered mobile e-sports company Skillz (NYSE: SKLZ) were surging 20.2% as of 3:43 p.m. ET, in stark contrast to the rest of the market, which was significantly in the red at that time.
Why the big pop today? It likely has to do with a combination of Skillz's beaten-down share price and the announcement of its new NFL game today. Given the popularity of American football in the U.S. and around the world, investors may be hopeful the new game will reignite Skillz's flagging engagement and sales.
Today, Skillz announced the winner of its NFL & Skillz Game Developer Challenge, with NFL QB Shootout by developer Play Mechanix declared the winner from out of over 200 entries. Of note, this was a collaboration between Skillz and the NFL, so the new game has some real NFL institutional bona fides behind it. The game is now available for Skillz customers to play, which should hopefully boost Skillz's revenue this current quarter and beyond.
Source Fool.com
