Wedbush Reaffirms "Outperform" Rating for Skillz (NYSE:SKLZ)

Key Points

• Wedbush Analysts: Skillz received an "outperform" rating with a target price of $15.00, indicating a potential upside of 123.25% from its current price.
• Q1 Earnings Report: The company reported a loss of ($0.92) earnings per share, beating estimates, and showed a revenue of $22.41 million for the quarter.
• Institutional Ownership: Approximately 19.42% of Skillz's stock is owned by institutional investors, with several firms acquiring new stakes recently.

Skillz (NYSE:SKLZ - Get Free Report)'s stock had its "outperform" rating reiterated by analysts at Wedbush in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $15.00 price objective on the stock. Wedbush's price objective would suggest a potential upside of 97.68% from the stock's previous close.

Separately, Wall Street Zen upgraded Skillz from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Skillz Trading Up 14.3%

NYSE:SKLZ traded up $0.95 on Monday, reaching $7.59. 171,140 shares of the stock traded hands, compared to its average volume of 86,861. The company has a market capitalization of $132.26 million, a price-to-earnings ratio of -3.48 and a beta of 2.80. Skillz has a 12 month low of $3.54 and a 12 month high of $9.06. The company's fifty day simple moving average is $6.91 and its 200 day simple moving average is $5.94.

Skillz (NYSE:SKLZ - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.92) EPS for the quarter, beating analysts' consensus estimates of ($1.09) by $0.17. Skillz had a negative net margin of 39.33% and a negative return on equity of 35.10%. The firm had revenue of $22.41 million for the quarter, compared to analysts' expectations of $21.57 million. Equities analysts anticipate that Skillz will post -4.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Skillz

A number of hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in shares of Skillz during the 4th quarter valued at about $78,000. Two Sigma Advisers LP boosted its holdings in Skillz by 144.1% in the fourth quarter. Two Sigma Advisers LP now owns 27,610 shares of the company's stock worth $139,000 after purchasing an additional 16,300 shares during the last quarter. Jane Street Group LLC bought a new stake in Skillz in the 4th quarter worth approximately $132,000. Dimensional Fund Advisors LP raised its stake in Skillz by 136.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 28,823 shares of the company's stock valued at $145,000 after buying an additional 16,622 shares during the last quarter. Finally, LPL Financial LLC bought a new position in shares of Skillz during the 4th quarter valued at $74,000. Hedge funds and other institutional investors own 19.42% of the company's stock.

Skillz Company Profile

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.