BlackRock Fund Advisors recently announced the acquisition of new stake in Skillz Inc. (NYSE:SKLZ). The institutional investor has increased its shareholding in the Communication Services company by 1.76% to 18.69 million shares with purchase of 0.32 million shares. This fresh investment now brings its stake to 5.33% valued currently at $19.25 million. In addition, The Vanguard Group, Inc. raised its holdings by 2.8 million to 16.49 million shares. And SSgA Funds Management, Inc. has lifted its position by 23.63% or 2.22 million shares – to 11.62 million shares.
With over 27.23 million Skillz Inc. (SKLZ) shares trading Friday and a closing price of $0.98 on the day, the dollar volume was approximately $26.68 million. The shares have shown a negative half year performance of -46.36% and its price on 11/18/22 lost nearly -3.75%. Currently, there are 413.83M common shares owned by the public and among those 281.34M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SKLZ have a consensus price objective of $1.45. The analysts have set the share’s price value over the next 12 months at a high of $3.75 and a low of $0.71. The average price target is 32.41% above its recent price level and a downside to the estimated low will see the stock lose -38.03% over that period. But an upside of 73.87% will see the stock hit the forecast high price target while median target price for the stock is $1.08.
The top 3 mutual fund holders in Skillz Inc. are iShares Russell 2000 ETF, Vanguard Total Stock Market Index, and Vanguard Extended Market Index Fu. iShares Russell 2000 ETF owns 6.89 million shares of the company’s stock, all valued at over $7.09 million. The company sold -0.13 million shares recently to bring their total holdings to about 1.97% of the shares outstanding. Vanguard Total Stock Market Index sold -0.52 million shares to see its total holdings shrink to 4.51 million shares valued at over $4.64 million and representing 1.29% of the shares outstanding. Vanguard Extended Market Index Fu bought 44700.0 shares to bring its total holdings to over 3.81 million shares at a value of $3.93 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.09% of the shares outstanding.
Shares of Skillz Inc. (NYSE: SKLZ) opened at $1.08, up $0.06 from a prior closing price of $1.02. However, the script later moved the day high at 1.0800, down -3.75%. The company’s stock has a 5-day price change of -13.89% and -36.66% over the past three months. SKLZ shares are trading -86.81% year to date (YTD), with the 12-month market performance down to -90.83% lower. It has a 12-month low price of $0.83 and touched a high of $11.18 over the same period. SKLZ has an average intraday trading volume of 7.81 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.42%, -7.91%, and -48.00% respectively.
Institutional ownership of Skillz Inc. (NYSE: SKLZ) shares accounts for 44.50% of the company’s 413.83M shares outstanding. Mutual fund holders own 13.56%, while other institutional holders and individual stakeholders account for 19.56% and 11.69% respectively.
It has a market capitalization of $428.57M. The earnings-per-share (ttm) stands at -$0.95. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.01% over the week and 10.68% over the month.
Analysts forecast that Skillz Inc. (SKLZ) will achieve an EPS of -$0.14 for the current quarter, -$0.13 for the next quarter and -$0.5 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.15 while analysts give the company a high EPS estimate of -$0.11. Comparatively, EPS for the current quarter was -$0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 4.50%, and 48.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Skillz Inc. (SKLZ) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 5 of the 8 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the SKLZ, a number of firms have released research notes about the stock. BTIG Research stated their Sell rating for the stock in a research note on October 12, 2022, with the firm’s price target at $0.65. Canaccord Genuity coverage for the Skillz Inc. (SKLZ) stock in a research note released on August 04, 2022 offered a Hold rating with a price target of $1.50. Citigroup was of a view on May 23, 2022 that the stock is Neutral, while Wedbush gave the stock Outperform rating on February 24, 2022, issuing a price target of $25- $7.50. RBC Capital Mkts on their part issued Sector Perform rating on February 24, 2022.