Skillz (SKLZ) Stock Rebounds 50% From Lows: Has Bottom Reached?

On Wednesday, the Skillz Inc (NYSE: SKLZ) stock had been one of the surprising gainers having jumped by 34% on the back of strong momentum. The rally in the stock continued today as the stock went up by 13% this morning.

Skillz (SKLZ) Stock Rebounds 50% From Lows: Has Bottom Reached?

The company had a successful SPAC IPO back in 2020 but over the past two months, the stock has struggled and declined by 60% from its peak. The latest rally in the Skills has not been driven by any recent news about the company either.

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It should be noted that Skills has not managed to earn a profit yet and its cash burn actually went up last year. Experts don’t think that the next earnings report from Skills in June is not going to be impressive either. However, S&P Global Market Intelligence analysts have predicted that Skillz could start generating positive cash flow in 2023. At this point, investors could consider keeping an eye on the Skills stock’s price action.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.