Skillz (NYSE:SKLZ) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Skillz (NYSE:SKLZ) from a hold rating to a sell rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Skillz Inc. provides mobile games platform which connects players. The company’s platform helps developers build franchises by enabling social competition in their games. Skillz Inc., formerly known as Flying Eagle Acquisition Corp., is based in San Francisco, California. “

Several other analysts have also recently issued reports on SKLZ. Royal Bank of Canada started coverage on shares of Skillz in a research report on Wednesday, July 28th. They set a sector perform rating and a $17.00 price target on the stock. Wedbush reduced their price target on shares of Skillz from $34.00 to $25.00 and set an outperform rating on the stock in a research report on Wednesday, August 4th. Finally, Canaccord Genuity reduced their price target on shares of Skillz from $30.00 to $23.00 and set a buy rating on the stock in a research report on Wednesday, August 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $22.86.

NYSE SKLZ opened at $11.37 on Tuesday. The firm’s 50-day moving average is $12.13 and its two-hundred day moving average is $16.61. Skillz has a 12 month low of $10.06 and a 12 month high of $46.30. The stock has a market capitalization of $4.58 billion, a P/E ratio of -27.73 and a beta of 0.08.

Skillz (NYSE:SKLZ) last posted its earnings results on Tuesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.03). The business had revenue of $89.49 million for the quarter, compared to the consensus estimate of $88.07 million. On average, equities research analysts anticipate that Skillz will post -0.51 EPS for the current fiscal year.

In related news, CTO Miriam Aguirre sold 439,431 shares of the company’s stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $10.34, for a total transaction of $4,543,716.54. Following the sale, the chief technology officer now directly owns 1,259,760 shares in the company, valued at $13,025,918.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 792,871 shares of company stock worth $8,579,578 over the last 90 days. Insiders own 27.33% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC increased its stake in Skillz by 3,100.0% in the second quarter. Clearstead Advisors LLC now owns 1,600 shares of the company’s stock valued at $35,000 after purchasing an additional 1,550 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in Skillz in the second quarter valued at approximately $43,000. Credit Agricole S A purchased a new position in Skillz in the second quarter valued at approximately $43,000. CKW Financial Group purchased a new position in shares of Skillz during the first quarter worth approximately $46,000. Finally, Baldwin Brothers Inc. MA grew its position in shares of Skillz by 150.0% during the second quarter. Baldwin Brothers Inc. MA now owns 3,000 shares of the company’s stock worth $65,000 after acquiring an additional 1,800 shares during the last quarter. Institutional investors own 49.17% of the company’s stock.

About Skillz

Skillz Inc operates a mobile games platform that connects players worldwide. Its platform hosts casual esports tournaments. The company was founded in 2012 and is headquartered in San Francisco, California.

Further Reading: Cost of Goods Sold (COGS)

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