Is Skillz, Inc. overvalued or undervalued?

As of 10 March 2021, the valuation grade for Skillz, Inc. moved from does not qualify to risky. The company is currently considered overvalued based on its financial metrics and peer comparisons. Notably, Skillz has a Price to Book Value of 0.71 and an EV to EBITDA ratio of 0.28, both of which indicate significant concerns regarding its valuation given the negative capital employed and a ROE of -57.12%.
In comparison to its peers, Skillz's valuation metrics are concerning. For instance, Iris Energy Ltd. has a P/E ratio of -67.1389, while Bitdeer Technologies Group shows a P/E of -13.1313, both of which are also classified as risky. The negative returns over the past three and five years, at -77.57% and -96.86% respectively, further reinforce the notion of overvaluation, especially when juxtaposed against the S&P 500's performance during the same periods.