Wall Street Zen Downgrades Skillz (NYSE:SKLZ) to Sell

Skillz (NYSE:SKLZ) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald began coverage on shares of Skillz in a research note on Friday, April 10th. They set an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skillz in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Skillz currently has an average rating of “Hold” and an average target price of $15.00.

Skillz Price Performance

SKLZ opened at $8.64 on Friday. Skillz has a fifty-two week low of $2.23 and a fifty-two week high of $20.00. The firm’s fifty day moving average price is $6.54 and its two-hundred day moving average price is $4.94. The company has a market capitalization of $134.79 million, a P/E ratio of -2.48 and a beta of 4.58.

Skillz (NYSE:SKLZ) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.69) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.69). Skillz had a negative net margin of 48.49% and a negative return on equity of 52.81%. The firm had revenue of $29.11 million for the quarter, compared to the consensus estimate of $31.25 million.

Institutional Investors Weigh In On Skillz

Several institutional investors and hedge funds have recently made changes to their positions in SKLZ. Hsbc Holdings PLC boosted its stake in shares of Skillz by 17.6% in the 1st quarter. Hsbc Holdings PLC now owns 11,856 shares of the company’s stock valued at $29,000 after purchasing an additional 1,774 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake 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. Hudson Bay Capital Management LP acquired a new stake in shares of Skillz in the 4th quarter valued at $55,000. NewEdge Advisors LLC acquired a new stake in shares of Skillz in the 1st quarter valued at $73,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Skillz in the 1st quarter valued at $80,000. Institutional investors and hedge funds own 19.42% of the company’s stock.

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.