Coatue Management LLC Makes New Investment in Skillz Inc. (NYSE:SKLZ)

Coatue Management LLC purchased a new stake in shares of Skillz Inc. (NYSE:SKLZ) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,624,674 shares of the company’s stock, valued at approximately $35,288,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of SKLZ. Clearstead Advisors LLC boosted its holdings in Skillz by 3,100.0% in the second quarter. Clearstead Advisors LLC now owns 1,600 shares of the company’s stock worth $35,000 after acquiring an additional 1,550 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in Skillz during the second quarter valued at approximately $43,000. Credit Agricole S A purchased a new position in Skillz during the second quarter valued at approximately $43,000. CKW Financial Group purchased a new position in Skillz during the first quarter valued at approximately $46,000. Finally, Baldwin Brothers Inc. MA raised its position in Skillz by 150.0% during the second quarter. Baldwin Brothers Inc. MA now owns 3,000 shares of the company’s stock valued at $65,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors own 49.17% of the company’s stock.

Shares of SKLZ traded up $0.19 during mid-day trading on Thursday, hitting $9.11. The company’s stock had a trading volume of 348,471 shares, compared to its average volume of 15,649,214. The firm has a 50-day simple moving average of $10.79 and a 200 day simple moving average of $15.06. The firm has a market capitalization of $3.67 billion, a P/E ratio of -21.76 and a beta of 0.08. Skillz Inc. has a 1-year low of $7.97 and a 1-year high of $46.30.

Skillz (NYSE:SKLZ) last posted its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.03). The firm had revenue of $89.49 million during the quarter, compared to analyst estimates of $88.07 million. Sell-side analysts anticipate that Skillz Inc. will post -0.51 EPS for the current fiscal year.

Several brokerages recently commented on SKLZ. Royal Bank of Canada began coverage on Skillz in a research report on Wednesday, July 28th. They set a “sector perform” rating and a $17.00 price target for the company. Wedbush dropped their price target on Skillz from $34.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, August 4th. Zacks Investment Research upgraded Skillz from a “sell” rating to a “hold” rating in a research report on Thursday, October 7th. Finally, Canaccord Genuity lowered their price objective on Skillz from $30.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, August 4th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Skillz has a consensus rating of “Buy” and a consensus price target of $22.86.

In related news, CTO Miriam Aguirre sold 74,650 shares of the firm’s stock in a transaction that occurred on Friday, August 13th. The stock was sold at an average price of $11.51, for a total value of $859,221.50. Following the completion of the transaction, the chief technology officer now directly owns 700,780 shares of the company’s stock, valued at approximately $8,065,977.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 792,871 shares of company stock valued at $8,579,578 over the last ninety days. 27.33% of the stock is currently owned by company insiders.

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.

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Institutional Ownership by Quarter for Skillz (NYSE:SKLZ)

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