Skillz (NYSE:SKLZ) Posts Quarterly Earnings Results, Meets Expectations

Skillz (NYSE:SKLZ) posted its quarterly earnings data on Friday, May 15th. The company reported ($0.69) EPS for the quarter, meeting the consensus estimate of ($0.69), FiscalAI reports. The business had revenue of $29.11 million during the quarter, compared to analyst estimates of $31.25 million. Skillz had a negative net margin of 48.49% and a negative return on equity of 52.81%.

Skillz Stock Performance

Skillz stock opened at $8.90 on Wednesday. Skillz has a 1 year low of $2.23 and a 1 year high of $20.00. The firm’s 50-day moving average is $7.41 and its 200-day moving average is $5.10. The company has a market cap of $138.93 million, a P/E ratio of -2.56 and a beta of 4.58.

Institutional Trading of Skillz

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hsbc Holdings PLC purchased a new stake in shares of Skillz in the fourth quarter valued at $44,000. Public Employees Retirement System of Ohio increased its stake in shares of Skillz by 496.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 11,929 shares of the company’s stock worth $51,000 after purchasing an additional 9,929 shares during the last quarter. Hudson Bay Capital Management LP acquired a new stake in shares of Skillz in the 4th quarter valued at $55,000. Acadian Asset Management LLC bought a new stake in Skillz in the first quarter worth $80,000. Finally, Bridgeway Capital Management LLC bought a new position in Skillz during the second quarter valued at about $93,000. 19.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Skillz from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Cantor Fitzgerald began coverage on Skillz in a report on Friday, April 10th. They set an “overweight” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Skillz in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Skillz currently has a consensus rating of “Hold” and a consensus price target of $15.00.

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.