Coastal Bridge Advisors LLC Makes New $658,000 Investment in Skillz Inc. (NYSE:SKLZ)

Coastal Bridge Advisors LLC purchased a new position in shares of Skillz Inc. (NYSE:SKLZ) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 30,291 shares of the company’s stock, valued at approximately $658,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Artemis Investment Management LLP grew its holdings in Skillz by 4.2% during the 2nd quarter. Artemis Investment Management LLP now owns 481,984 shares of the company’s stock worth $10,487,000 after acquiring an additional 19,640 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Skillz by 45.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 731,297 shares of the company’s stock valued at $15,884,000 after buying an additional 227,007 shares in the last quarter. UBS Group AG boosted its holdings in shares of Skillz by 81.5% in the 1st quarter. UBS Group AG now owns 552,592 shares of the company’s stock valued at $10,522,000 after buying an additional 248,052 shares in the last quarter. Creative Planning boosted its holdings in shares of Skillz by 47.0% in the 2nd quarter. Creative Planning now owns 88,706 shares of the company’s stock valued at $1,927,000 after buying an additional 28,354 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in shares of Skillz by 276.0% in the 1st quarter. Penserra Capital Management LLC now owns 70,322 shares of the company’s stock valued at $1,338,000 after buying an additional 51,621 shares in the last quarter. Institutional investors own 49.17% of the company’s stock.

In other news, CTO Miriam Aguirre sold 439,431 shares of Skillz stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $10.34, for a total transaction of $4,543,716.54. Following the sale, the chief technology officer now owns 1,259,760 shares in the company, valued at $13,025,918.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 792,871 shares of company stock worth $8,579,578 in the last 90 days. 27.33% of the stock is currently owned by insiders.

Shares of SKLZ stock traded down $0.09 during trading hours on Wednesday, hitting $10.80. 184,764 shares of the company were exchanged, compared to its average volume of 15,763,362. The firm has a market cap of $4.35 billion, a PE ratio of -26.59 and a beta of 0.08. Skillz Inc. has a 1 year low of $10.06 and a 1 year high of $46.30. The firm has a fifty day moving average of $13.02 and a 200 day moving average of $17.47.

Skillz (NYSE:SKLZ) last posted its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.03). The company had revenue of $89.49 million for the quarter, compared to analysts’ expectations of $88.07 million. As a group, equities research analysts predict that Skillz Inc. will post -0.51 earnings per share for the current year.

Several analysts recently commented on SKLZ shares. Citigroup reduced their price target on shares of Skillz from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, May 21st. They noted that the move was a valuation call. Royal Bank of Canada started coverage on shares of Skillz in a research report on Wednesday, July 28th. They issued a “sector perform” rating and a $17.00 price target for the company. Canaccord Genuity cut their price objective on shares of Skillz from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, August 4th. cut their price objective on shares of Skillz from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, May 21st. Finally, Zacks Investment Research downgraded shares of Skillz from a “buy” rating to a “hold” rating in a research report on Thursday, August 5th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $22.86.

Skillz Company Profile

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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Institutional Ownership by Quarter for Skillz (NYSE:SKLZ)

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