Why Skillz Stock Is Rising Today
Shares of Skillz (NYSE: SKLZ) were rising 5% in morning trading Tuesday after the mobile esports platform provider filed a prospectus yesterday for selling 4.4 million shares. Skillz managed to eke out a small 2% gain on Monday after having been down earlier in the day.
It's not Skillz selling shares, but rather a private placement related to its acquisition of Aarki, a global demand-side advertising platform that ought to help it reduce its customer acquisition costs.
Skillz stock has been battered as rising member acquisition expenses helped widen the platform's losses last quarter. Shares are down 46% year to date and 75% below their 52-week high hit back in February.
Source Fool.com
