Short Interest in SKYX Platforms Corp. (NASDAQ:SKYX) Decreases By 40.0%

SKYX Platforms Corp. (NASDAQ:SKYX) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 3,511,942 shares, a drop of 40.0% from the June 15th total of 5,855,767 shares. Currently, 3.4% of the shares of the company are sold short. Based on an average daily volume of 2,250,110 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SKYX shares. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Tuesday, April 21st. Wall Street Zen cut shares of SKYX Platforms from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Finally, Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.00.

SKYX Platforms Price Performance

Shares of SKYX Platforms stock traded down $0.04 during mid-day trading on Thursday, reaching $1.21. 618,448 shares of the stock were exchanged, compared to its average volume of 1,460,221. SKYX Platforms has a fifty-two week low of $0.95 and a fifty-two week high of $3.29. The company has a market cap of $163.26 million, a price-to-earnings ratio of -4.19 and a beta of -3,527.10. The firm has a 50-day simple moving average of $1.11 and a 200 day simple moving average of $1.59. The company has a current ratio of 1.70, a quick ratio of 1.55 and a debt-to-equity ratio of 1.37.

SKYX Platforms (NASDAQ:SKYX) last issued its quarterly earnings data 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 the consensus estimate of $21.98 million. On average, sell-side analysts predict that SKYX Platforms will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On SKYX Platforms

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd grew its holdings in shares of SKYX Platforms by 50.5% during the fourth quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock worth $49,000 after purchasing an additional 7,575 shares during the last quarter. Invesco Ltd. increased its position in SKYX Platforms by 26.6% in the 4th quarter. Invesco Ltd. now owns 40,732 shares of the company’s stock valued at $88,000 after acquiring an additional 8,547 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of SKYX Platforms by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after acquiring an additional 9,647 shares during the last quarter. Vise Technologies Inc. bought a new position in shares of SKYX Platforms in the fourth quarter worth about $35,000. Finally, Kestra Private Wealth Services LLC lifted its position in shares of SKYX Platforms by 5.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 348,900 shares of the company’s stock worth $757,000 after purchasing an additional 18,000 shares in the last quarter. 11.79% of the stock is owned by institutional investors and hedge funds.

About SKYX Platforms

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.