Why Skillz Stock Was Stagnant on Monday
After Skillz (NYSE: SKLZ) enjoyed a post-earnings pop at the end of last week, investors cooled on the stock Monday. Its price rose less than 0.6% on the day, trading essentially in line with the forgettable bump of the S&P 500 index. A fresh analyst take on the company helped dampen enthusiasm.
Before market open, Stifel analyst Drew Crum cut his price target on Skillz stock. Crum's new evaluation places the fair value of the shares at $1.25 apiece, down from his previous level of $1.50. This move doesn't make him a Skillz bear, however, as he maintained his buy recommendation on the specialty tech sector stock.
The reasoning behind the prognosticator's move wasn't immediately apparent. He wasn't, however, the only pundit getting less enthusiastic about Skillz in the wake of the company's latest earnings release last Thursday.
Source Fool.com
