Skillz (NYSE:SKLZ) stock is on the rise Monday as investors on Reddit WallStreetBets talk about its potential as a takeover target.
Traders on Reddit are taking interest in the eSports gaming platform following talk that it could be a takeover target. One thread specifically calls out this CTFN article, which cites unnamed sources as saying a potential merger and acquisition is on the way for SKLZ stock.
Following this, another thread popped up with the original poster pointing to SKLZ stock as his recovery plan. Several others joined in talking about the potential for an acquisition to price shares of the stock at $21 each. For perspective, SKLZ was trading at $10.49 per share when markets closed on Friday.
Here’s what Reddit user Fantastic-Caramel145 said in their due diligence post for SKLZ stock.
“The following is My trade: I bought with the money I had left over (5k) 27 contracts of $ 10 Calls, for October 15, 2021 at 1.65 each, for around 4500 dollars, when the news of the CTFN rumor came out, and I plan to sell. half when $ SKLZ reaches 15, and the other half stay with them until the first week of October.”
SKLZ stock is already seeing a decent amount of activity this morning with some 4 million shares changing hands. However, that’s still a ways off from the company’s daily average trading volume of about 14.1 million shares.
SKLZ stock was up 1% as of Monday morning but is down 41.8% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.