Skillz (NYSE:SKLZ) Trading 4.6% Higher - Still a Buy?

Key Points

• Skillz Inc.'s stock price increased by 4.6% to $8.50 during mid-day trading, with a trading volume up by 19% from the average daily volume.
• Analysts have recently upgraded Skillz's stock rating, with Wall Street Zen moving it from a "sell" to a "hold", while Wedbush has designated it a "strong-buy".
• Skillz reported a quarterly revenue of $22.41 million, surpassing expectations, and analysts project a -4.35 EPS for the current fiscal year.

Skillz Inc. (NYSE:SKLZ - Get Free Report) rose 4.6% during trading on Friday . The company traded as high as $8.55 and last traded at $8.50. Approximately 135,668 shares traded hands during mid-day trading, an increase of 19% from the average daily volume of 113,780 shares. The stock had previously closed at $8.13.

Wall Street Analyst Weigh In

SKLZ has been the subject of a number of analyst reports. Wall Street Zen raised Skillz from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Wedbush raised Skillz to a "strong-buy" rating in a research report on Tuesday, July 1st.

Skillz Stock Performance

The firm has a 50 day moving average price of $6.81 and a two-hundred day moving average price of $5.89. The company has a market cap of $133.15 million, a P/E ratio of -3.50 and a beta of 2.76.

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

Institutional Trading of Skillz

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