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

Shares of SKYX Platforms Corp. (NASDAQ:SKYX) have been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $5.00.

Several equities analysts have recently weighed in on the stock. Noble Financial raised shares of SKYX Platforms to a “strong-buy” rating in a research note on Tuesday, May 12th. Lake Street Capital began coverage on SKYX Platforms in a report on Thursday, March 5th. They set a “buy” rating and a $5.00 price target on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SKYX Platforms in a report on Tuesday, April 21st. Finally, Wall Street Zen upgraded SKYX Platforms from a “sell” rating to a “hold” rating in a report on Saturday, June 6th.

Institutional Trading of SKYX Platforms

Several hedge funds have recently made changes to their positions in SKYX. Kanen Wealth Management LLC purchased a new stake in shares of SKYX Platforms in the 1st quarter valued at approximately $1,288,000. Renaissance Technologies LLC lifted its stake in shares of SKYX Platforms by 243.9% in the 1st 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 during the last quarter. Geode Capital Management LLC lifted its stake in shares of SKYX Platforms by 96.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,460,777 shares of the company’s stock valued at $1,527,000 after purchasing an additional 718,712 shares during the last quarter. Daytona Street Capital LLC acquired a new position in shares of SKYX Platforms in the 4th quarter valued at $881,000. Finally, Corient Private Wealth LLC lifted its stake in shares of SKYX Platforms by 163.0% in the 2nd quarter. Corient Private Wealth LLC now owns 446,981 shares of the company’s stock valued at $467,000 after purchasing an additional 277,000 shares during the last quarter. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Trading Down 1.9%

Shares of SKYX Platforms stock opened at $1.03 on Friday. The firm has a market capitalization of $138.51 million, a PE ratio of -3.55 and a beta of -3,583.04. SKYX Platforms has a twelve month low of $0.96 and a twelve month high of $3.29. The firm’s 50-day moving average price is $1.12 and its 200 day moving average price is $1.75. 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 (NASDAQ:SKYX) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $22.09 million during the quarter, compared to analysts’ expectations of $21.98 million. On average, sell-side analysts predict that SKYX Platforms will post -0.22 EPS for the current fiscal year.

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.