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Why Skillz Inc. (SKLZ) stock rallied in Thursday’s aftermarket?

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Shares of Skillz Inc. (SKLZ) were moving high in yesterday’s aftermarket trading session after facing a downtrend of 1.13% in the previous trading session. SKLZ stock price saw a push of 7.24% to reach $17.77 a share in the late hours of Thursday on April 22, 2021. Let’s see the reason behind this rally.

What’s happening?

There is no news or press release by the SKLZ stock to explain the rise, no analyst upgrades or upswing targeted per share price of the SKLZ stock to justify the rally. However, Cathie Wood’s ARK Innovation and ARK Next Generation Internet have added 4 million and more than 1 million shares to their portfolio respectively which made the SKLZ stock outperform in the late hours of yesterday because Wood is followed by many people in her stock buying.

Going back to the previous month on March 17, 2021, SKLZ stock did announce the underwritten public offering of  32,000,000 shares of its Class A common stock. 17,000,000 out of 32,000,000 shares were offered by the Skillz stock itself and the remaining shares were offered by certain stockholders at a public price of $24.00 per share. The underwriters were granted the 30-day option for the purchasing of additional  4,800,000 shares of its Class A common stock.Net proceeds from the offering were intended to support the working capital as well as general corporate purposes of the Skillz stock.

Financial View of SKLZ stock :

SKLZ stock will announce its first-quarter financial results on May 4, 2021, after the close of the market. Skillz projected its revenue to be $80 million which beats the analysts’ estimation of the revenue to be in the range between $72.2 million to $79.6 million. In the fourth quarter of 2020, revenues for the SKLZ stock were up by 95% YoY to reach $68 million. Revenue for the full year 2020 reached $230 million which was 92% higher as compared to 2019 and beaten the guidance of $225 million. The revenue for 2021 is projected to be $366 million.

Conclusion:

SKLZ stock has been a hot topic among investors as far as market sentiment is concerned. It seems that the Skillz stock is growing at a rapid pace but still it is in its early days of development and much effort is required for further development. In short, investors need to keep an eye on SKLZ stock.

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