SKYX Platforms (NASDAQ:SKYX) Issues Quarterly Earnings Results

SKYX Platforms (NASDAQ:SKYX) announced its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.05, FiscalAI reports. SKYX Platforms had a negative return on equity of 3,407.81% and a negative net margin of 41.24%.The company had revenue of $23.89 million for the quarter, compared to the consensus estimate of $24.45 million.

SKYX Platforms Trading Up 2.5%

SKYX stock traded up $0.04 during trading on Wednesday, reaching $1.62. 455,215 shares of the stock were exchanged, compared to its average volume of 564,121. The firm has a market capitalization of $183.90 million, a price-to-earnings ratio of -4.50 and a beta of -3,843.83. The business has a 50 day moving average price of $1.35 and a 200-day moving average price of $1.25. SKYX Platforms has a 1 year low of $0.88 and a 1 year high of $2.14.

Analyst Ratings Changes

SKYX has been the subject of a number of analyst reports. Zacks Research upgraded shares of SKYX Platforms to a “hold” rating in a research report on Monday, September 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Wednesday, October 8th. Litchfield Hills Research started coverage on SKYX Platforms in a research report on Friday, October 17th. They issued a “buy” rating and a $5.00 price objective for the company. Wall Street Zen upgraded SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Roth Capital raised shares of SKYX Platforms to a “strong-buy” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $5.00.

Institutional Investors Weigh In On SKYX Platforms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. purchased a new position in shares of SKYX Platforms during the 2nd quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of SKYX Platforms during the second quarter worth $35,000. JPMorgan Chase & Co. lifted its stake in SKYX Platforms by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after acquiring an additional 9,647 shares in the last quarter. New York State Common Retirement Fund purchased a new position in SKYX Platforms during the 2nd quarter valued at about $82,000. Finally, Jane Street Group LLC grew its position in SKYX Platforms by 258.5% in the 1st quarter. Jane Street Group LLC now owns 190,265 shares of the company’s stock valued at $217,000 after acquiring an additional 137,193 shares in the last quarter. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Company Profile

SKYX Platforms Corp. provides a series of safe-smart platform technologies. The company’s first and second-generation technologies enable light fixtures, ceiling fans, and other electrically wired products to be installed and plugged into a ceiling’s electrical outlet box. It also provides universal power-plugs and receptacle products.