Skillz (NYSE:SKLZ) Rating Lowered to Hold at Canaccord Genuity Group

Skillz (NYSE:SKLZGet Rating) was downgraded by equities researchers at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Marketbeat reports.

Separately, Citigroup cut Skillz from a “buy” rating to a “neutral” rating and reduced their target price for the company from $5.00 to $2.10 in a research note on Monday, May 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.80.

Skillz Stock Up 7.0 %

NYSE SKLZ opened at $1.68 on Thursday. The stock has a market cap of $688.00 million, a PE ratio of -2.75 and a beta of 2.37. Skillz has a fifty-two week low of $1.15 and a fifty-two week high of $13.98. The business has a 50 day moving average price of $1.50 and a two-hundred day moving average price of $2.49. The company has a quick ratio of 7.12, a current ratio of 7.12 and a debt-to-equity ratio of 0.51.

Skillz (NYSE:SKLZGet Rating) last released its earnings results on Wednesday, May 4th. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The company had revenue of $93.44 million during the quarter, compared to analysts’ expectations of $90.87 million. Skillz had a negative return on equity of 42.87% and a negative net margin of 68.02%. The business’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.13) EPS. As a group, sell-side analysts predict that Skillz will post -0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Skillz

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wildcat Capital Management LLC increased its position in Skillz by 1.7% in the fourth quarter. Wildcat Capital Management LLC now owns 21,632,157 shares of the company’s stock worth $160,943,000 after buying an additional 366,338 shares during the period. Renaissance Technologies LLC bought a new position in shares of Skillz in the first quarter worth $48,225,000. Vanguard Group Inc. grew its stake in shares of Skillz by 3.9% in the first quarter. Vanguard Group Inc. now owns 15,475,131 shares of the company’s stock worth $46,425,000 after purchasing an additional 574,314 shares in the last quarter. BlackRock Inc. grew its stake in shares of Skillz by 0.6% in the first quarter. BlackRock Inc. now owns 11,533,035 shares of the company’s stock worth $34,599,000 after purchasing an additional 74,218 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Skillz by 58.1% in the first quarter. State Street Corp now owns 6,981,329 shares of the company’s stock worth $20,944,000 after purchasing an additional 2,564,912 shares in the last quarter. 44.94% of the stock is owned by institutional investors and hedge funds.

About Skillz

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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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