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

SKYX Platforms Corp. (NASDAQ:SKYX) has earned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $4.67.

SKYX has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Saturday. Lake Street Capital decreased their price objective on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a research note on Friday, July 17th.

Institutional Trading of SKYX Platforms

A number of hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP increased its stake in SKYX Platforms by 66.0% in the second quarter. Corient Private Wealth LP now owns 709,549 shares of the company’s stock valued at $784,000 after acquiring an additional 282,149 shares during the last quarter. Susquehanna International Group LLP increased its position in shares of SKYX Platforms by 572.2% during the 2nd quarter. Susquehanna International Group LLP now owns 347,746 shares of the company’s stock valued at $384,000 after purchasing an additional 296,014 shares during the last quarter. Bank of America Corp DE bought a new position in shares of SKYX Platforms during the 2nd quarter valued at about $50,000. Hsbc Holdings PLC purchased a new position in shares of SKYX Platforms during the 2nd quarter valued at about $30,000. Finally, Clear Harbor Asset Management LLC bought a new stake in SKYX Platforms in the 2nd quarter worth approximately $853,000. 11.79% of the stock is owned by institutional investors.

SKYX Platforms Price Performance

SKYX stock opened at $1.23 on Monday. The stock has a 50-day simple moving average of $1.23 and a two-hundred day simple moving average of $1.21. SKYX Platforms has a twelve month low of $0.95 and a twelve month high of $3.29. The firm has a market capitalization of $166.58 million, a PE ratio of -4.56 and a beta of -3,491.36. The company has a quick ratio of 1.28, a current ratio of 1.46 and a debt-to-equity ratio of 2.60.

SKYX Platforms (NASDAQ:SKYX) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $25.27 million for the quarter, compared to analysts’ expectations of $24.07 million. On average, equities analysts predict that SKYX Platforms will post -0.22 EPS for the current fiscal year.

SKYX Platforms Company Profile

SKYX Platforms Corp. is a technology company focused on advancing smart-home and building technology through its “Smart Home” and “Smart Platform” product offerings. The company develops plug-and-play electrical and smart-home solutions designed to improve the installation, connectivity, functionality and safety of lighting fixtures and other ceiling-based devices.

Its product portfolio includes smart ceiling receptacles, smart platforms, lighting products and related technologies intended to simplify the installation of smart lighting and enable additional connected-home features.