Skillz (NYSE:SKLZ) Shares Up 7.8%

Skillz Inc. (NYSE:SKLZ)’s share price shot up 7.8% during trading on Wednesday . The stock traded as high as $11.51 and last traded at $11.38. 272,960 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 15,655,977 shares. The stock had previously closed at $10.56.

Several research analysts have recently weighed in on the company. Royal Bank of Canada assumed coverage on Skillz in a research note on Wednesday, July 28th. They issued a “sector perform” rating and a $17.00 price target for the company. Zacks Investment Research cut Skillz from a “hold” rating to a “sell” rating in a research note on Tuesday. Canaccord Genuity decreased their price target on Skillz from $30.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, August 4th. Finally, Wedbush decreased their price target on Skillz from $34.00 to $25.00 and set an “outperform” rating for the company in a research note on Wednesday, August 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Skillz has a consensus rating of “Hold” and an average price target of $22.86.

The company has a market cap of $4.58 billion, a PE ratio of -27.61 and a beta of 0.08. The business has a 50-day moving average of $12.36 and a 200 day moving average of $16.77.

Skillz (NYSE:SKLZ) last issued its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). The business had revenue of $89.49 million during the quarter, compared to analyst estimates of $88.07 million. Analysts forecast that Skillz Inc. will post -0.51 EPS for the current fiscal year.

In other Skillz news, CTO Miriam Aguirre sold 74,650 shares of the company’s stock in a transaction dated Friday, August 13th. The stock was sold at an average price of $11.51, for a total value of $859,221.50. Following the completion of the sale, the chief technology officer now owns 700,780 shares in the company, valued at $8,065,977.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders sold 792,871 shares of company stock valued at $8,579,578. Company insiders own 27.33% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC bought a new position in shares of Skillz in the second quarter worth about $2,357,000. Capital Impact Advisors LLC bought a new position in shares of Skillz in the second quarter worth about $2,042,000. Invesco Ltd. bought a new position in shares of Skillz in the second quarter worth about $2,271,000. Metropolitan Life Insurance Co NY bought a new position in shares of Skillz in the second quarter worth about $443,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Skillz by 36.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 82,886 shares of the company’s stock worth $1,800,000 after acquiring an additional 22,186 shares during the period. 49.17% of the stock is owned by hedge funds and other institutional investors.

Skillz Company Profile (NYSE:SKLZ)

Skillz Inc operates a mobile games platform that connects players worldwide. Its platform hosts casual esports tournaments. The company was founded in 2012 and is headquartered in San Francisco, California.

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