Skillz (NYSE:SKLZ) Given Outperform Rating at Wedbush

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 reissued by investment analysts at Wedbush in a research report issued on Monday,Benzinga reports. They presently have a $15.00 target price on the stock. Wedbush's target price would indicate a potential upside of 123.25% from the stock's current price.

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

Skillz Price Performance

Shares of NYSE:SKLZ opened at $6.72 on Monday. The business has a 50-day moving average of $6.86 and a two-hundred day moving average of $5.92. Skillz has a 12 month low of $3.54 and a 12 month high of $9.06. The firm has a market capitalization of $117.11 million, a PE ratio of -3.06 and a beta of 2.80.

Skillz (NYSE:SKLZ - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.92) earnings per share 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 business had revenue of $22.41 million during the quarter, compared to analyst estimates of $21.57 million. As a group, research analysts anticipate that Skillz will post -4.35 earnings per share for the current year.

Institutional Trading of Skillz

Several hedge funds have recently added to or reduced their stakes in SKLZ. Occudo Quantitative Strategies LP bought a new stake in shares of Skillz during the fourth quarter valued at about $57,000. LPL Financial LLC acquired a new position in shares of Skillz in the 4th quarter worth approximately $74,000. Vista Cima Wealth Management LLC bought a new stake in Skillz during the first quarter worth approximately $67,000. BNP Paribas Financial Markets bought a new stake in Skillz during the fourth quarter worth approximately $78,000. Finally, Acadian Asset Management LLC bought a new position in shares of Skillz in the first quarter valued at $80,000. Institutional investors own 19.42% of the company's stock.

About Skillz

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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