Cantor Fitzgerald Initiates Coverage on Skillz (NYSE:SKLZ)

Research analysts at Cantor Fitzgerald assumed coverage on shares of Skillz (NYSE:SKLZ) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The brokerage set an “overweight” rating on the stock.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Skillz in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.00.

Skillz Stock Down 1.7%

Skillz stock opened at $2.47 on Friday. The business’s 50-day simple moving average is $3.16 and its 200 day simple moving average is $4.86. The stock has a market cap of $37.29 million, a price-to-earnings ratio of -0.67 and a beta of 3.08. Skillz has a 12-month low of $2.23 and a 12-month high of $9.11.

Skillz (NYSE:SKLZ) last posted its quarterly earnings results on Tuesday, March 31st. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.04). The firm had revenue of $30.01 million during the quarter, compared to the consensus estimate of $26.00 million. Skillz had a negative net margin of 55.23% and a negative return on equity of 50.40%. As a group, sell-side analysts expect that Skillz will post -4.35 EPS for the current year.

Hedge Funds Weigh In On Skillz

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC acquired a new stake in shares of Skillz during the fourth quarter worth about $44,000. Public Employees Retirement System of Ohio raised its position in shares of Skillz by 496.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 11,929 shares of the company’s stock worth $51,000 after purchasing an additional 9,929 shares during the period. Squarepoint Ops LLC raised its position in shares of Skillz by 122.6% during the fourth quarter. Squarepoint Ops LLC now owns 80,054 shares of the company’s stock worth $345,000 after purchasing an additional 44,092 shares during the period. Hudson Bay Capital Management LP acquired a new stake in shares of Skillz during the fourth quarter worth about $55,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Skillz by 37.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 34,771 shares of the company’s stock worth $150,000 after purchasing an additional 9,402 shares during the period. Institutional investors own 19.42% of the company’s stock.

Skillz Company Profile

Skillz Inc (NYSE: SKLZ) operates a mobile e-sports platform that connects game developers, advertisers and players through skill-based competition. By integrating its software development kit into a variety of casual and midcore mobile titles, the company enables in-app tournaments and head-to-head matches in which users compete for virtual or cash prizes. Skillz’s marketplace also offers real-time leaderboards, live events and social features designed to enhance player engagement and retention.

The company’s core offering includes developer tools and analytics that help game studios monetize through entry fees, in-game purchases and ad revenue sharing.