Wedbush Reaffirms Outperform Rating for Skillz (NYSE:SKLZ)

Skillz (NYSE:SKLZ)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a note issued to investors on Friday, Benzinga reports. They presently have a $15.00 price objective on the stock. Wedbush’s target price would suggest a potential upside of 154.24% from the company’s current price.

Skillz Price Performance

Shares of SKLZ stock traded down $0.50 on Friday, reaching $5.90. 150,315 shares of the company were exchanged, compared to its average volume of 161,382. The company has a market cap of $126.56 million, a price-to-earnings ratio of -1.09 and a beta of 2.76. The business has a 50-day moving average price of $6.41 and a 200 day moving average price of $6.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.41 and a current ratio of 5.41. Skillz has a 1 year low of $3.96 and a 1 year high of $14.78.

Skillz (NYSE:SKLZ) last released its earnings results on Thursday, May 9th. The company reported ($1.45) EPS for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.21). The company had revenue of $25.24 million for the quarter, compared to analysts’ expectations of $29.54 million. Skillz had a negative return on equity of 50.98% and a negative net margin of 74.59%. During the same period in the prior year, the firm earned ($1.80) EPS. Equities research analysts forecast that Skillz will post -4.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skillz

Several institutional investors and hedge funds have recently bought and sold shares of SKLZ. Olympiad Research LP acquired a new position in Skillz in the 3rd quarter valued at about $75,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Skillz by 20.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,770 shares of the company’s stock valued at $218,000 after purchasing an additional 7,362 shares during the last quarter. Trexquant Investment LP boosted its holdings in Skillz by 547.5% in the 3rd quarter. Trexquant Investment LP now owns 66,657 shares of the company’s stock valued at $340,000 after purchasing an additional 56,363 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Skillz by 22.4% in the 3rd quarter. Acadian Asset Management LLC now owns 106,074 shares of the company’s stock valued at $540,000 after purchasing an additional 19,439 shares during the last quarter. 19.42% of the stock is currently owned by institutional investors and hedge funds.

Skillz Company Profile

Skillz Inc operates a mobile game platform in the United States and internationally. 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. The company distributes games through direct app download from its website, as well as through third-party platforms.