Skillz (NYSE:SKLZ) Shares Down 8% – Here’s Why

Skillz Inc. (NYSE:SKLZ)’s stock price traded down 8% during mid-day trading on Thursday . The stock traded as low as $3.10 and last traded at $3.1190. 77,814 shares were traded during mid-day trading, an increase of 16% from the average session volume of 67,345 shares. The stock had previously closed at $3.39.

Analyst Ratings Changes

Several research firms recently weighed in on SKLZ. Wall Street Zen upgraded Skillz from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Skillz in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Skillz presently has an average rating of “Hold” and a consensus price target of $15.00.

Skillz Price Performance

The company has a 50 day moving average of $4.59 and a two-hundred day moving average of $6.38. The firm has a market cap of $59.08 million, a P/E ratio of -0.94 and a beta of 2.99. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.00.

Skillz (NYSE:SKLZ) last released its earnings results on Thursday, December 11th. The company reported ($1.14) EPS for the quarter. The business had revenue of $27.37 million for the quarter. Skillz had a negative net margin of 69.44% and a negative return on equity of 50.96%. Sell-side analysts expect that Skillz Inc. will post -4.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SKLZ. Pacer Advisors Inc. boosted its holdings in shares of Skillz by 335.6% during the 3rd quarter. Pacer Advisors Inc. now owns 5,645 shares of the company’s stock worth $45,000 after buying an additional 4,349 shares during the period. Millennium Management LLC acquired a new position in shares of Skillz in the 3rd quarter valued at $97,000. Bridgeway Capital Management LLC bought a new position in Skillz during the second quarter worth about $93,000. XTX Topco Ltd acquired a new stake in Skillz in the 2nd quarter valued at $112,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Skillz in the 1st quarter valued at $80,000. 19.42% of the stock is owned by institutional investors and hedge funds.

Skillz Company Profile

Skillz Inc (NYSE: SKLZ) operates a mobile e-sports platform that connects game developers, advertisers and players through skill-based competition. By integrating its software development kit into a variety of casual and midcore mobile titles, the company enables in-app tournaments and head-to-head matches in which users compete for virtual or cash prizes. Skillz’s marketplace also offers real-time leaderboards, live events and social features designed to enhance player engagement and retention.

The company’s core offering includes developer tools and analytics that help game studios monetize through entry fees, in-game purchases and ad revenue sharing.