Published on 29 Nov 2023 on Zacks via Yahoo Finance

Wall Street Analysts Think Skillz Inc. (SKLZ) Could Surge 47.02%: Read This Before Placing a Bet

Shares of Skillz Inc. (SKLZ) have gained 31.3% over the past four weeks to close the last trading session at $6.72, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $9.88 indicates a potential upside of 47%.

The average comprises four short-term price targets ranging from a low of $5 to a high of $15, with a standard deviation of $4.13. While the lowest estimate indicates a decline of 25.6% from the current price level, the most optimistic estimate points to a 123.2% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.