Skillz (NYSE:SKLZ) Trading Up 4.6% - Here's What Happened

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)'s stock price rose 4.6% during mid-day trading on Friday . The company traded as high as $8.55 and last traded at $8.50. Approximately 135,668 shares were traded during trading, an increase of 19% from the average daily volume of 113,780 shares. The stock had previously closed at $8.13.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Skillz from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Wedbush raised Skillz to a "strong-buy" rating in a report on Tuesday, July 1st.

Skillz Price Performance

The firm has a market cap of $148.22 million, a PE ratio of -3.90 and a beta of 2.76. The business has a 50-day moving average price of $6.76 and a two-hundred day moving average price of $5.85.

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

Hedge Funds Weigh In On Skillz

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PDT Partners LLC purchased a new stake in Skillz during the 4th quarter worth approximately $141,000. Jane Street Group LLC bought a new position in Skillz during the 4th quarter worth $132,000. Trexquant Investment LP grew its stake in Skillz by 56.5% during the 1st quarter. Trexquant Investment LP now owns 70,330 shares of the company's stock worth $316,000 after buying an additional 25,405 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in Skillz during the 1st quarter worth $95,000. Finally, Acadian Asset Management LLC bought a new position in Skillz during the 1st quarter worth $80,000. 19.42% of the stock is owned by institutional investors and hedge funds.

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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