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

Shares of SKYX Platforms Corp. (NASDAQ:SKYX) have earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $5.00.

A number of brokerages have recently weighed in on SKYX. Noble Financial upgraded shares of SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of SKYX Platforms from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Lake Street Capital began coverage on shares of SKYX Platforms in a research note on Thursday, March 5th. They issued a “buy” rating and a $5.00 price objective for the company.

SKYX Platforms Price Performance

Shares of SKYX Platforms stock opened at $1.06 on Friday. The firm has a fifty day simple moving average of $1.13 and a 200-day simple moving average of $1.77. 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 has a 1-year low of $0.96 and a 1-year high of $3.29. The stock has a market capitalization of $142.55 million, a price-to-earnings ratio of -3.66 and a beta of -3,583.04.

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 analysts’ consensus estimates of ($0.07). The firm had revenue of $22.09 million during the quarter, compared to analyst estimates of $21.98 million. On average, sell-side analysts expect that SKYX Platforms will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On SKYX Platforms

A number of hedge funds have recently made changes to their positions in the business. Invesco Ltd. acquired a new position in SKYX Platforms in the second quarter valued at about $34,000. Vise Technologies Inc. acquired a new position in SKYX Platforms in the fourth quarter valued at about $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in SKYX Platforms in the second quarter valued at about $35,000. JPMorgan Chase & Co. boosted its position in SKYX Platforms by 31.7% in the third quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock valued at $45,000 after buying an additional 9,647 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its position in SKYX Platforms by 50.5% in the fourth quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock valued at $49,000 after buying an additional 7,575 shares in the last quarter. Institutional investors and hedge funds own 11.79% of the company’s stock.

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.