Skillz (NYSE:SKLZ) Issues Quarterly Earnings Results, Beats Estimates By $0.14 EPS

by · The Cerbat Gem

Skillz (NYSE:SKLZ – Get Free Report) released its earnings results on Thursday. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.28) by $0.14, Zacks reports. Skillz had a negative net margin of 69.44% and a negative return on equity of 39.99%. The business had revenue of $27.37 million during the quarter, compared to the consensus estimate of $29.05 million.

Skillz Trading Down 3.0%

NYSE:SKLZ traded down $0.19 on Friday, hitting $6.22. The company’s stock had a trading volume of 105,231 shares, compared to its average volume of 70,022. Skillz has a one year low of $3.54 and a one year high of $9.11. The firm has a market capitalization of $108.41 million, a P/E ratio of -1.50 and a beta of 3.00. The stock has a fifty day moving average of $7.36 and a two-hundred day moving average of $7.01.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SKLZ. Weiss Ratings restated a “sell (d-)” rating on shares of Skillz in a research note on Wednesday, October 8th. Wall Street Zen lowered Skillz from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Wedbush reissued an “outperform” rating and set a $15.00 price target on shares of Skillz in a research report on Monday, August 4th. 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 company has a consensus rating of “Hold” and a consensus price target of $15.00.

Check Out Our Latest Stock Report on Skillz

Institutional Trading of Skillz

Several hedge funds and other institutional investors have recently modified their holdings of SKLZ. Jane Street Group LLC grew its stake in shares of Skillz by 15.9% in the second quarter. Jane Street Group LLC now owns 27,282 shares of the company’s stock valued at $186,000 after acquiring an additional 3,738 shares in the last quarter. Goldman Sachs Group Inc. bought a new stake in Skillz in the 1st quarter valued at about $95,000. Acadian Asset Management LLC bought a new stake in Skillz in the 1st quarter valued at about $80,000. XTX Topco Ltd acquired a new position in shares of Skillz during the 2nd quarter worth approximately $112,000. Finally, Bridgeway Capital Management LLC bought a new position in shares of Skillz during the second quarter worth approximately $93,000. Institutional investors own 19.42% of the company’s stock.

Skillz Company Profile

(Get Free Report)

Skillz Inc operates a mobile game platform in the United States and internationally. The company primarily develops and supports a proprietary online-hosted technology platform that enables independent game developers to host tournaments and provide competitive gaming activity to end-users. The company distributes games through direct app download from its website, as well as through third-party platforms.

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