Skillz (NYSE:SKLZ) Releases Earnings Results, Hits Expectations

Skillz (NYSE:SKLZ) posted its earnings results on Friday. The company reported ($0.69) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.69), FiscalAI reports. Skillz had a negative return on equity of 50.40% and a negative net margin of 55.23%.The company had revenue of $29.11 million during the quarter, compared to the consensus estimate of $31.25 million.

Skillz Price Performance

SKLZ stock traded down $0.35 during midday trading on Friday, reaching $6.16. The company had a trading volume of 680,349 shares, compared to its average volume of 3,311,545. Skillz has a 1-year low of $2.23 and a 1-year high of $20.00. The stock has a 50 day moving average price of $4.23 and a 200-day moving average price of $4.58. The company has a market capitalization of $96.14 million, a price-to-earnings ratio of -1.77 and a beta of 4.58.

Hedge Funds Weigh In On Skillz

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC bought a new position in Skillz in the fourth quarter valued at approximately $44,000. Public Employees Retirement System of Ohio lifted 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 purchasing an additional 9,929 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Skillz in the 3rd quarter valued at $97,000. Hudson Bay Capital Management LP bought a new position in shares of Skillz in the 4th quarter valued at $55,000. Finally, Bridgeway Capital Management LLC bought a new position in shares of Skillz in the 2nd quarter valued at $93,000. 19.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Skillz in a report on Friday, April 10th. They issued an “overweight” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skillz in a research report on Monday, April 20th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.00.

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.