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Weak Fundamental Momentum Pushes Skillz Inc. (SKLZ) Lower

Skillz Inc. (NYSE:SKLZ) has seen 7.58 million shares traded in the last trading session. The company, currently valued at $320.95M, closed the last trade at $0.85 per share which meant it gained $0.05 on the day or 6.05% during that session. The SKLZ stock price is -538.82% off its 52-week high price of $5.43 and 47.06% above the 52-week low of $0.45. If we look at the company’s 10-day average daily trading volume, we find that it stood at 10.09 million shares traded. The 3-month trading volume is 10.14 million shares.

The consensus among analysts is that Skillz Inc. (SKLZ) is a Hold stock at the moment, with a recommendation rating of 2.70. 1 analysts rate the stock as a Sell, while 0 rate it as Overweight. 4 out of 7 have rated it as a Hold, with 2 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is -$0.12.

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Skillz Inc. (NYSE:SKLZ) trade information

Sporting 6.05% in the green in last session, the stock has traded in the green over the last five days, with the highest price hit on Monday, 01/23/23 when the SKLZ stock price touched $0.85 or saw a rise of 0.57%. Year-to-date, Skillz Inc. shares have moved 67.52%, while the 5-day performance has seen it change 14.90%. Over the past 30 days, the shares of Skillz Inc. (NYSE:SKLZ) have changed 39.46%. Short interest in the company has seen 37.69 million shares shorted with days to cover at 3.5.

Wall Street analysts have a consensus price target for the stock at $1.44, which means that the shares’ value could jump 40.97% from current levels. The projected low price target is $0.60 while the price target rests at a high of $3.75. In that case, then, we find that the current price level is -341.18% off the targeted high while a plunge would see the stock lose 29.41% from current levels.

Skillz Inc. (SKLZ) estimates and forecasts

Figures show that Skillz Inc. shares have underperformed across the wider relevant industry. The company’s shares have lost -43.05% over the past 6 months, with this year growth rate of -20.29%, compared to 0.80% for the industry. Other than that, the company has, however, lowered its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 52.00% and 64.90% for the next quarter. Revenue growth from the last financial year stood is estimated to be -28.40%.

6 analysts offering their estimates for the company have set an average revenue estimate of $48.71 million for the current quarter. 4 have an estimated revenue figure of $52.1 million for the next quarter concluding in Mar 2023. Year-ago sales stood $108.85 million and $93.44 million respectively for this quarter and the next, and analysts expect sales will shrink by -55.20% for the current quarter and -44.20% for the next.

SKLZ Dividends

Skillz Inc. is expected to release its next earnings report between February 21 and February 27 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

Skillz Inc. (NYSE:SKLZ)’s Major holders

Insiders own 17.17% of the company shares, while shares held by institutions stand at 43.81% with a share float percentage of 52.89%. Investors are also buoyed by the number of investors in a company, with Skillz Inc. having a total of 258 institutions that hold shares in the company. The top two institutional holders are Atlas Venture Associates IX, LLC with over 22.91 million shares worth more than $19.44 million. As of Sep 29, 2022, Atlas Venture Associates IX, LLC held 6.52% of shares outstanding.

The other major institutional holder is Blackrock Inc., with the holding of over 21.71 million shares as of Sep 29, 2022. The firm’s total holdings are worth over $18.42 million and represent 6.17% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are iShares Russell 2000 ETF and Vanguard Total Stock Market Index Fund. As of Dec 30, 2022, the former fund manager holds about 2.03% shares in the company for having 7.13 million shares of worth $6.05 million while later fund manager owns 5.03 million shares of worth $4.27 million as of Sep 29, 2022, which makes it owner of about 1.43% of company’s outstanding stock.

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