SKYX Platforms (NASDAQ:SKYX) Rating Lowered to “Sell” at Wall Street Zen

SKYX Platforms (NASDAQ:SKYX) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

SKYX has been the topic of a number of other reports. Lake Street Capital reduced their price target on shares of SKYX Platforms from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, SKYX Platforms has an average rating of “Moderate Buy” and a consensus price target of $4.50.

SKYX Platforms Stock Performance

NASDAQ:SKYX opened at $0.96 on Friday. The stock’s 50-day simple moving average is $1.21 and its 200 day simple moving average is $1.15. The firm has a market capitalization of $132.59 million, a PE ratio of -3.56 and a beta of -3,645.11. 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 has a twelve month low of $0.95 and a twelve month high of $3.29.

SKYX Platforms (NASDAQ:SKYX) last released its 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 business had revenue of $25.27 million during the quarter, compared to analysts’ expectations of $24.07 million. On average, analysts anticipate that SKYX Platforms will post -0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC boosted its position in SKYX Platforms by 7.2% during the 3rd quarter. Byrne Asset Management LLC now owns 153,100 shares of the company’s stock worth $175,000 after buying an additional 10,300 shares during the period. Corient Private Wealth LP increased its position in SKYX Platforms by 66.0% in the 2nd 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 period. Susquehanna International Group LLP increased its position in SKYX Platforms by 572.2% in the 2nd quarter. Susquehanna International Group LLP now owns 347,746 shares of the company’s stock valued at $384,000 after acquiring an additional 296,014 shares during the period. Bank of America Corp DE acquired a new position in SKYX Platforms in the 2nd quarter valued at approximately $50,000. Finally, Hsbc Holdings PLC bought a new position in shares of SKYX Platforms during the second quarter valued at $30,000. Institutional investors own 11.79% of the company’s stock.

SKYX Platforms Company Profile

SKYX Platforms Corp. is a technology company focused on making residential and commercial properties smarter, safer and more connected. Its platform is designed to simplify the installation and use of smart-home technology by integrating connectivity and automation capabilities into common electrical and lighting products.

The company develops and markets products such as smart ceiling fans, lighting fixtures, electrical wiring devices, switches, receptacles, plugs and related smart-home solutions.