SKYX Platforms (NASDAQ:SKYX) Downgraded by Wall Street Zen to Sell

SKYX Platforms (NASDAQ:SKYX) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Other research analysts have also recently issued reports about the company. Weiss Ratings reissued a “sell (e+)” rating on shares of SKYX Platforms in a research report on Tuesday, April 21st. Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research report on Tuesday, May 12th. 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 on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

SKYX Platforms Stock Performance

SKYX stock opened at $1.08 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.70 and a quick ratio of 1.55. SKYX Platforms has a 1 year low of $0.96 and a 1 year high of $3.29. The company has a market cap of $145.24 million, a P/E ratio of -3.72 and a beta of -3,583.04. The stock’s fifty day moving average price is $1.12 and its 200-day moving average price is $1.74.

SKYX Platforms (NASDAQ:SKYX) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). The firm had revenue of $22.09 million for the quarter, compared to analysts’ expectations of $21.98 million. On average, equities analysts forecast that SKYX Platforms will post -0.22 earnings per share for the current year.

Institutional Investors Weigh In On SKYX Platforms

Several hedge funds and other institutional investors have recently modified their holdings of SKYX. Invesco Ltd. purchased a new position in SKYX Platforms during the second quarter valued at $34,000. Vise Technologies Inc. purchased a new stake in SKYX Platforms in the fourth quarter worth about $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in SKYX Platforms in the second quarter worth about $35,000. JPMorgan Chase & Co. increased 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 worth $45,000 after buying an additional 9,647 shares in the last quarter. Finally, Quadrature Capital Ltd raised its stake in shares of SKYX Platforms by 50.5% in the fourth quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock worth $49,000 after buying an additional 7,575 shares during the period. 11.79% of the stock is currently owned by hedge funds and other institutional investors.

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.