Why Skillz Stock Soared 16% This Week
Shares of Skillz (NYSE: SKLZ) are up 16.8% since last Friday's close, according to data provided by S&P Global Market Intelligence. The company announced the hiring of former Amazon executive Vatsal Bhardwaj as its chief product officer. Cathie Wood's ARK Innovation ETF also bought some shares this week, which could have propelled other investors to buy the stock, pushing it higher.
On Thursday, Skillz put out a press release announcing it had hired of Bhardwaj. The executive recently served as the head of game tech at Amazon Web Services (AWS). His experience sounds very relevant to the competitive multiplayer mobile game platform Skillz is trying to build. As chief product officer, Bhardwaj will be in charge of building the ecosystem and services for developers to build games on the Skillz platform. The company has gotten complaints about the minimal amount of games on its service, so this hire could be a step in the right direction to get the developer and player flywheel moving.
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Source Fool.com
