Skillz (NYSE:SKLZ) Posts Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Skillz (NYSE:SKLZ) released its earnings results on Tuesday. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.04), FiscalAI reports. The business had revenue of $30.01 million for the quarter, compared to the consensus estimate of $26.00 million. Skillz had a negative return on equity of 50.96% and a negative net margin of 69.44%.

Skillz Stock Up 13.2%

Shares of SKLZ stock traded up $0.30 during mid-day trading on Tuesday, hitting $2.58. The stock had a trading volume of 73,091 shares, compared to its average volume of 52,918. Skillz has a 12-month low of $2.23 and a 12-month high of $9.11. The firm has a market capitalization of $38.98 million, a P/E ratio of -0.62 and a beta of 2.96. The firm’s 50-day moving average is $3.39 and its two-hundred day moving average is $5.12. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.32 and a quick ratio of 4.32.

Institutional Trading of Skillz

Institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC purchased a new stake in Skillz in the fourth quarter worth about $44,000. Public Employees Retirement System of Ohio raised its holdings in shares of Skillz by 496.5% in the 4th quarter. Public Employees Retirement System of Ohio now owns 11,929 shares of the company’s stock valued at $51,000 after purchasing an additional 9,929 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Skillz in the 3rd quarter valued at about $97,000. Hudson Bay Capital Management LP purchased a new stake in shares of Skillz in the 4th quarter worth approximately $55,000. Finally, Bridgeway Capital Management LLC purchased a new stake in shares of Skillz in the 2nd quarter worth approximately $93,000. 19.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skillz in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.00.

About Skillz

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.