Skillz (NYSE:SKLZ) Trading 4.7% Higher - Here's What Happened

Shares of Skillz Inc. (NYSE:SKLZ - Get Free Report) rose 4.7% on Wednesday . The stock traded as high as $7.49 and last traded at $7.19. Approximately 310,784 shares traded hands during mid-day trading, an increase of 417% from the average daily volume of 60,093 shares. The stock had previously closed at $6.86.

Analyst Ratings Changes

SKLZ has been the subject of several analyst reports. Wedbush restated an "outperform" rating and set a $15.00 target price on shares of Skillz in a research report on Monday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Skillz in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $15.00.

Skillz Stock Performance

The company has a market cap of $125.23 million, a price-to-earnings ratio of -1.71 and a beta of 2.98. The company has a fifty day moving average of $7.82 and a two-hundred day moving average of $6.77.

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

Institutional Investors Weigh In On Skillz

A number of hedge funds and other institutional investors have recently bought and sold shares of SKLZ. Pacer Advisors Inc. raised its holdings in Skillz by 335.6% during the 3rd quarter. Pacer Advisors Inc. now owns 5,645 shares of the company's stock valued at $45,000 after acquiring an additional 4,349 shares during the period. Vista Cima Wealth Management LLC purchased a new position in Skillz in the first quarter worth $67,000. Acadian Asset Management LLC purchased a new stake in Skillz during the first quarter valued at about $80,000. Bridgeway Capital Management LLC purchased a new stake in Skillz during the second quarter valued at about $93,000. Finally, Goldman Sachs Group Inc. purchased a new stake in Skillz during the first quarter valued at about $95,000. 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.

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