Skillz (NYSE:SKLZ) Rating Lowered to Reduce at Citigroup

Skillz (NYSE:SKLZ – Get Rating) was downgraded by equities researchers at Citigroup from a “hold” rating to a “reduce” rating in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other brokerages have also recently weighed in on SKLZ. Canaccord Genuity Group cut shares of Skillz from a “buy” rating to a “hold” rating in a research note on Thursday. Canaccord Genuity Group cut shares of Skillz from a “buy” rating to a “hold” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.80.

Skillz Stock Performance

Shares of SKLZ opened at $1.68 on Thursday. Skillz has a 1 year low of $1.15 and a 1 year high of $13.98. The firm has a fifty day moving average of $1.50 and a 200-day moving average of $2.49. The company has a debt-to-equity ratio of 0.51, a quick ratio of 7.12 and a current ratio of 7.12. The company has a market cap of $688.00 million, a price-to-earnings ratio of -2.75 and a beta of 2.37.

Skillz (NYSE:SKLZ – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported ($0.18) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.18). Skillz had a negative net margin of 68.02% and a negative return on equity of 42.87%. The business had revenue of $93.44 million for the quarter, compared to analysts’ expectations of $90.87 million. During the same period in the previous year, the business earned ($0.13) earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. As a group, equities analysts anticipate that Skillz will post -0.79 earnings per share for the current year.

Hedge Funds Weigh In On Skillz

A number of institutional investors have recently bought and sold shares of the stock. Wildcat Capital Management LLC increased its stake in Skillz by 1.7% in the 4th quarter. Wildcat Capital Management LLC now owns 21,632,157 shares of the company’s stock worth $160,943,000 after purchasing an additional 366,338 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Skillz in the 1st quarter worth about $48,225,000. Vanguard Group Inc. increased its stake in Skillz by 3.9% in the 1st 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. increased its stake in Skillz by 0.6% in the 1st 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 Skillz by 58.1% during the 1st quarter. State Street Corp now owns 6,981,329 shares of the company’s stock valued at $20,944,000 after acquiring an additional 2,564,912 shares in the last quarter. Hedge funds and other institutional investors own 44.94% of the company’s stock.

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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