Skillz (NYSE:SKLZ) Downgraded by Zacks Investment Research to Hold

Skillz (NYSE:SKLZGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Skillz Inc. provides mobile games platform which connects players. The company’s platform helps developers build franchises by enabling social competition in their games. Skillz Inc., formerly known as Flying Eagle Acquisition Corp., is based in San Francisco, California. “

A number of other brokerages have also recently weighed in on SKLZ. Canaccord Genuity Group reduced their price objective on shares of Skillz from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, February 24th. Stifel Nicolaus lowered their price target on shares of Skillz from $16.00 to $3.50 in a report on Thursday, February 24th. Canaccord Genuity Group lowered their target price on shares of Skillz from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, February 24th. Citigroup reduced their price target on shares of Skillz from $9.00 to $5.00 in a research report on Tuesday, March 1st. Finally, Royal Bank of Canada cut their target price on shares of Skillz from $12.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, February 24th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.44.

Shares of Skillz stock traded down $0.02 during trading on Wednesday, hitting $1.61. The stock had a trading volume of 365,601 shares, compared to its average volume of 14,028,159. The stock has a 50 day simple moving average of $2.60 and a 200 day simple moving average of $5.75. The company has a market capitalization of $659.64 million, a PE ratio of -2.40 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. Skillz has a 1 year low of $1.55 and a 1 year high of $24.88.

Skillz (NYSE:SKLZGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.19). The company had revenue of $93.44 million for the quarter, compared to analysts’ expectations of $90.87 million. Skillz had a negative net margin of 70.05% and a negative return on equity of 41.55%. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) earnings per share. As a group, equities analysts expect that Skillz will post -0.65 earnings per share for the current fiscal year.

In related news, Director Harry Sloan bought 100,000 shares of the stock in a transaction that occurred on Monday, March 14th. The shares were acquired at an average cost of $2.27 per share, with a total value of $227,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jerome Leon Bruckheimer bought 101,215 shares of the business’s stock in a transaction dated Monday, March 7th. The stock was purchased 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 25.94% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in SKLZ. ARK Investment Management LLC lifted its stake in Skillz by 27.9% in the fourth quarter. ARK Investment Management LLC now owns 24,089,428 shares of the company’s stock worth $179,225,000 after acquiring an additional 5,253,320 shares during the period. Wildcat Capital Management LLC lifted its position in shares of Skillz by 1.7% during the 4th quarter. Wildcat Capital Management LLC now owns 21,632,157 shares of the company’s stock valued at $160,943,000 after buying an additional 366,338 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Skillz by 125.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 14,055,241 shares of the company’s stock valued at $138,023,000 after buying an additional 7,832,795 shares in the last quarter. BlackRock Inc. lifted its holdings in Skillz by 4.3% in the 4th quarter. BlackRock Inc. now owns 11,458,817 shares of the company’s stock valued at $85,255,000 after purchasing an additional 471,365 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Skillz by 26.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,535,323 shares of the company’s stock worth $48,623,000 after acquiring an additional 1,361,570 shares during the last quarter. Institutional investors own 44.94% of the company’s stock.

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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