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

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

Several analysts have weighed in on SKYX shares. Wall Street Zen cut shares of SKYX Platforms from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Tuesday, April 21st. Finally, Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a report on Tuesday, May 12th.

SKYX Platforms Stock Down 3.7%

SKYX Platforms stock opened at $1.04 on Wednesday. The company’s 50-day moving average price is $1.10 and its two-hundred day moving average price is $1.63. The company has a quick ratio of 1.55, a current ratio of 1.70 and a debt-to-equity ratio of 1.37. The stock has a market cap of $139.86 million, a P/E ratio of -3.59 and a beta of -3,527.10. 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 quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $22.09 million during the quarter, compared to the consensus estimate of $21.98 million. As a group, analysts expect that SKYX Platforms will post -0.22 EPS for the current year.

Hedge Funds Weigh In On SKYX Platforms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKYX. Vanguard Group Inc. grew its holdings in shares of SKYX Platforms by 7.6% during the 3rd quarter. Vanguard Group Inc. now owns 3,326,427 shares of the company’s stock worth $3,726,000 after purchasing an additional 235,625 shares in the last quarter. Geode Capital Management LLC increased its position in shares of SKYX Platforms by 14.8% in the fourth quarter. Geode Capital Management LLC now owns 1,742,309 shares of the company’s stock worth $3,782,000 after purchasing an additional 224,297 shares during the period. Renaissance Technologies LLC raised its stake in SKYX Platforms by 243.9% in the first quarter. Renaissance Technologies LLC now owns 1,221,500 shares of the company’s stock valued at $1,368,000 after purchasing an additional 866,287 shares in the last quarter. Kanen Wealth Management LLC acquired a new position in SKYX Platforms in the first quarter valued at about $1,288,000. Finally, State Street Corp lifted its position in SKYX Platforms by 30.6% during the fourth quarter. State Street Corp now owns 904,978 shares of the company’s stock worth $1,964,000 after purchasing an additional 212,164 shares during the period. 11.79% of the stock is owned by institutional investors and hedge funds.

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.