Skillz (NYSE:SKLZ) Stock Price Down 2.7% – Here’s Why

Skillz Inc. (NYSE:SKLZ)’s share price was down 2.7% during mid-day trading on Friday . The stock traded as low as $3.28 and last traded at $3.3750. Approximately 28,867 shares changed hands during trading, a decline of 60% from the average daily volume of 72,714 shares. The stock had previously closed at $3.47.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Skillz from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skillz in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $15.00.

Skillz Trading Down 2.7%

The company has a debt-to-equity ratio of 1.00, a current ratio of 4.32 and a quick ratio of 4.32. The company has a market cap of $50.99 million, a price-to-earnings ratio of -0.82 and a beta of 2.99. The business’s fifty day moving average price is $4.00 and its 200 day moving average price is $5.95.

Skillz (NYSE:SKLZ) last announced its earnings results on Thursday, December 11th. The company reported ($1.14) earnings per share (EPS) for the quarter. Skillz had a negative return on equity of 50.96% and a negative net margin of 69.44%.The company had revenue of $27.37 million for the quarter. Research analysts anticipate that Skillz Inc. will post -4.35 earnings per share for the current fiscal year.

Institutional Trading of Skillz

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its position in Skillz by 15.9% during the 2nd quarter. Jane Street Group LLC now owns 27,282 shares of the company’s stock valued at $186,000 after purchasing an additional 3,738 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Skillz by 335.6% in the 3rd quarter. Pacer Advisors Inc. now owns 5,645 shares of the company’s stock valued at $45,000 after purchasing an additional 4,349 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Skillz by 37.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 34,771 shares of the company’s stock worth $150,000 after buying an additional 9,402 shares during the period. Public Employees Retirement System of Ohio raised its stake in Skillz by 496.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 11,929 shares of the company’s stock worth $51,000 after buying an additional 9,929 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Skillz in the third quarter valued at $97,000. 19.42% of the stock is currently owned by institutional investors.

About Skillz

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.