Skillz (NYSE:SKLZ) Announces Earnings Results, Misses Estimates By $0.19 EPS

Skillz (NYSE:SKLZGet Rating) posted its earnings results on Wednesday. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.19), MarketWatch Earnings reports. The firm had revenue of $93.44 million during the quarter, compared to analyst estimates of $90.87 million. Skillz had a negative net margin of 70.05% and a negative return on equity of 41.55%. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the company posted ($0.13) EPS.

Shares of SKLZ traded down $0.12 during trading hours on Friday, reaching $1.96. 12,208,089 shares of the company traded hands, compared to its average volume of 10,289,314. The stock has a fifty day simple moving average of $2.65 and a 200 day simple moving average of $5.89. Skillz has a fifty-two week low of $1.93 and a fifty-two week high of $24.88. The stock has a market capitalization of $803.03 million, a PE ratio of -2.93 and a beta of 2.01. The company has a quick ratio of 6.80, a current ratio of 6.80 and a debt-to-equity ratio of 0.45.

In other Skillz news, Director Harry Sloan bought 100,000 shares of Skillz stock in a transaction that occurred on Monday, March 14th. The shares were purchased at an average cost of $2.27 per share, for a total transaction of $227,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jerome Leon Bruckheimer bought 101,215 shares of Skillz stock in a transaction that occurred on Monday, March 7th. The shares were acquired at an average price of $2.46 per share, for a total transaction of $248,988.90. The disclosure for this purchase can be found here. Corporate insiders own 27.33% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Skillz by 4.3% during the fourth quarter. BlackRock Inc. now owns 11,458,817 shares of the company’s stock worth $85,255,000 after buying an additional 471,365 shares during the period. State Street Corp raised its holdings in shares of Skillz by 2.2% in the 4th quarter. State Street Corp now owns 4,416,417 shares of the company’s stock worth $32,858,000 after purchasing an additional 96,325 shares during the period. Geode Capital Management LLC raised its holdings in shares of Skillz by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,151,818 shares of the company’s stock worth $23,449,000 after purchasing an additional 112,235 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Skillz by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,316,093 shares of the company’s stock worth $9,792,000 after purchasing an additional 44,064 shares during the period. Finally, Norges Bank purchased a new position in shares of Skillz in the 4th quarter worth about $8,397,000. Hedge funds and other institutional investors own 44.94% of the company’s stock.

Several research firms have weighed in on SKLZ. Royal Bank of Canada lowered their target price on Skillz from $12.00 to $2.50 and set a “sector perform” rating on the stock in a report on Thursday, February 24th. Canaccord Genuity Group lowered their target price on Skillz from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, February 24th. Canaccord Genuity Group lowered their target price on Skillz from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, February 24th. Citigroup lowered their target price on Skillz from $9.00 to $5.00 in a report on Tuesday, March 1st. Finally, Wedbush lowered their target price on Skillz from $25.00 to $7.50 and set an “outperform” rating on the stock in a report on Thursday, February 24th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Skillz presently has an average rating of “Buy” and an average target price of $8.44.

About Skillz (Get Rating)

Skillz Inc operates a mobile games platform that connects players in fair, fun, and meaningful competition. 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 worldwide.

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Earnings History for Skillz (NYSE:SKLZ)

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