Skillz (NYSE:SKLZ) Shares Down 8% – Should You Sell?

Skillz Inc. (NYSE:SKLZ)’s share price dropped 8% during trading on Thursday . The stock traded as low as $3.10 and last traded at $3.1190. Approximately 77,814 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 67,345 shares. The stock had previously closed at $3.39.

Analyst Ratings Changes

A number of equities research analysts have commented on SKLZ shares. Wall Street Zen upgraded Skillz from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Skillz in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.00.

Skillz Stock Down 8.0%

The business has a 50-day simple moving average of $4.62 and a 200-day simple moving average of $6.40. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.00. The stock has a market cap of $47.13 million, a P/E ratio of -0.75 and a beta of 2.99.

Skillz (NYSE:SKLZ) last announced its earnings results on Thursday, December 11th. The company reported ($1.14) earnings per share for the quarter. Skillz had a negative net margin of 69.44% and a negative return on equity of 50.96%. The business had revenue of $27.37 million for the quarter. Analysts expect that Skillz Inc. will post -4.35 EPS for the current year.

Institutional Trading of Skillz

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its holdings in Skillz by 335.6% during the third quarter. Pacer Advisors Inc. now owns 5,645 shares of the company’s stock valued at $45,000 after purchasing an additional 4,349 shares in the last quarter. Millennium Management LLC bought a new position in shares of Skillz during the 3rd quarter worth approximately $97,000. Bridgeway Capital Management LLC acquired a new stake in Skillz in the 2nd quarter valued at $93,000. XTX Topco Ltd acquired a new stake in Skillz in the 2nd quarter valued at $112,000. Finally, Acadian Asset Management LLC bought a new stake in Skillz in the first quarter valued at $80,000. 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.