Bireme Capital Covered its Short Position in Skillz (SKLZ) at a Profit

Investment management company Bireme Capital recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed during the quarter and returned -1.4% net of fees compared to 16.1% for the S&P 500 Index. The outperformance was primarily due to gains made on the fund’s short positions, which contributed 16.9% to the portfolio. You can check the top 5 holdings of the fund to know its best picks in 2022.

Bireme Capital discussed stocks like Skillz Inc. (NYSE:SKLZ) in the second quarter investor letter. Headquartered in San Francisco, California, Skillz Inc. (NYSE:SKLZ) is a mobile games platform provider. On August 22, 2022, Skillz Inc. (NYSE:SKLZ) stock closed at $1.5500 per share. One-month return of Skillz Inc. (NYSE:SKLZ) rose to 12.32% and its shares lost 86.04% of their value over the last 52 weeks. Skillz Inc. (NYSE:SKLZ) has a market capitalization of $649.718 million.

Here is what Bireme Capital specifically said about Skillz Inc. (NYSE:SKLZ):

“We described our short position in Skillz Inc. (NYSE:SKLZ) in Q3 2021. The business never improved, and the company looks set to lose $300m this year on just $400m of revenue according to Street estimates. The stock has fallen from $20 in the summer of last year to just $1.50 today, and we covered our short position at a profit.”

Skillz Inc. (NYSE:SKLZ) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, Skillz Inc. (NYSE:SKLZ) was held by 12 hedge fund portfolios at the end of the first quarter, which was 18 in the previous quarter.

We discussed Skillz Inc. (NYSE:SKLZ) in another article and shared the list of small-cap stocks to sell before the recession. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.