SKYX Platforms Corp. (NASDAQ:SKYX) Receives Consensus Rating of “Moderate Buy” from Analysts

SKYX Platforms Corp. (NASDAQ:SKYX) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $5.00.

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Tuesday, April 21st. Noble Financial raised SKYX Platforms to a “strong-buy” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen cut shares of SKYX Platforms from a “hold” rating to a “sell” rating in a research report on Saturday, June 20th.

SKYX Platforms Price Performance

SKYX Platforms stock opened at $1.25 on Wednesday. SKYX Platforms has a 12 month low of $0.95 and a 12 month high of $3.29. The stock’s 50 day moving average is $1.12 and its 200-day moving average is $1.60. The company has a current ratio of 1.70, a quick ratio of 1.55 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $168.10 million, a price-to-earnings ratio of -4.31 and a beta of -3,527.10.

SKYX Platforms (NASDAQ:SKYX) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $22.09 million for the quarter, compared to analyst estimates of $21.98 million. Equities research analysts expect that SKYX Platforms will post -0.22 EPS for the current year.

Institutional Trading of SKYX Platforms

Several hedge funds and other institutional investors have recently bought and sold shares of SKYX. Allied Private Wealth LLC bought a new stake in SKYX Platforms in the 2nd quarter valued at about $1,326,000. Byrne Asset Management LLC increased its holdings in shares of SKYX Platforms by 34.7% during the second quarter. Byrne Asset Management LLC now owns 142,800 shares of the company’s stock worth $159,000 after purchasing an additional 36,800 shares during the period. Bank of America Corp DE raised its position in shares of SKYX Platforms by 48.6% in the first quarter. Bank of America Corp DE now owns 71,465 shares of the company’s stock valued at $80,000 after buying an additional 23,360 shares in the last quarter. Kanen Wealth Management LLC acquired a new stake in shares of SKYX Platforms in the first quarter valued at approximately $1,288,000. Finally, Renaissance Technologies LLC raised its position in shares of SKYX Platforms by 243.9% in the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock valued at $1,368,000 after buying an additional 866,287 shares in the last quarter. Institutional investors and hedge funds own 11.79% of the company’s stock.

SKYX Platforms Company Profile

SKYX Platforms (NASDAQ:SKYX) provides comprehensive maintenance, repair and overhaul (MRO) services and operational support for commercial unmanned aerial systems (UAS). Through its digital platform, the company streamlines the booking, tracking and management of drone maintenance events, ensuring that operators maintain compliance with aviation regulations and industry best practices. SKYX Platforms’ offering is designed to reduce downtime, improve safety and extend the service life of UAS fleets across a wide range of applications.

The company’s service portfolio includes scheduled and unscheduled maintenance, component repair, spare parts provisioning, firmware and software updates, and field support.