Skillz (NYSE:SKLZ) Trading Down 8% – Here’s What Happened

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Skillz from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skillz in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.00.

Skillz Stock Up 24.9%

The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.32 and a current ratio of 4.32. The company has a market capitalization of $59.08 million, a P/E ratio of -0.94 and a beta of 2.99. The stock has a 50 day moving average price of $4.59 and a 200 day moving average price of $6.38.

Skillz (NYSE:SKLZ) last issued its quarterly earnings results on Thursday, December 11th. The company reported ($1.14) earnings per share (EPS) for the quarter. Skillz had a negative return on equity of 50.96% and a negative net margin of 69.44%.The company had revenue of $27.37 million for the quarter. Equities research analysts forecast that Skillz Inc. will post -4.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. grew its holdings in Skillz by 80.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 116,052 shares of the company’s stock valued at $928,000 after buying an additional 51,724 shares in the last quarter. Two Sigma Investments LP grew its position in Skillz by 321.0% in the third quarter. Two Sigma Investments LP now owns 77,072 shares of the company’s stock worth $617,000 after acquiring an additional 58,765 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Skillz in the 3rd quarter worth about $385,000. Squarepoint Ops LLC grew its position in Skillz by 163.1% during the third quarter. Squarepoint Ops LLC now owns 35,962 shares of the company’s stock valued at $288,000 after acquiring an additional 22,293 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Skillz by 15.9% in the 2nd quarter. Jane Street Group LLC now owns 27,282 shares of the company’s stock valued at $186,000 after purchasing an additional 3,738 shares in the last quarter. 19.42% of the stock is currently owned by hedge funds and other institutional investors.

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.