Skillz (NYSE:SKLZ) Trading 0% Higher - Should You Buy?

Key Points

• Skillz Inc. (NYSE:SKLZ) saw its stock trading at $8.46, remaining flat on Thursday despite a significant drop in trading volume of 58% compared to the average session.
• Analysts have upgraded Skillz's rating to a "hold" while maintaining a price target of $15.00, reflecting a consensus rating of "Buy" for the stock.
• The company reported a quarterly earnings per share (EPS) of ($1.12), outperforming estimates, and generated revenues of $27.37 million, exceeding consensus expectations.

Skillz Inc. (NYSE:SKLZ - Get Free Report) traded up 0% on Thursday . The stock traded as high as $8.52 and last traded at $8.46. 50,892 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 121,637 shares. The stock had previously closed at $8.46.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded Skillz from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Wedbush reiterated an "outperform" rating and issued a $15.00 price target on shares of Skillz in a report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $15.00.

Skillz Stock Performance

The firm has a fifty day simple moving average of $7.36 and a 200 day simple moving average of $6.08. The company has a market capitalization of $147.48 million, a PE ratio of -2.01 and a beta of 2.80.

Skillz (NYSE:SKLZ - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $27.37 million for the quarter, compared to the consensus estimate of $22.80 million. Skillz had a negative return on equity of 39.99% and a negative net margin of 75.38%. Research analysts expect that Skillz Inc. will post -4.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Occudo Quantitative Strategies LP purchased a new position in Skillz during the 4th quarter worth $57,000. Bridgeway Capital Management LLC purchased a new position in Skillz during the 2nd quarter worth $93,000. LPL Financial LLC purchased a new position in Skillz during the 4th quarter worth $74,000. Vista Cima Wealth Management LLC bought a new stake in Skillz during the 1st quarter valued at $67,000. Finally, BNP Paribas Financial Markets bought a new stake in Skillz during the 4th quarter valued at $78,000. 19.42% of the stock is currently owned by hedge funds and other institutional investors.

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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