Short Interest in SKYX Platforms Corp. (NASDAQ:SKYX) Grows By 30.8%

SKYX Platforms Corp. (NASDAQ:SKYX) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 2,805,918 shares, an increase of 30.8% from the December 15th total of 2,145,698 shares. Based on an average daily trading volume, of 839,521 shares, the days-to-cover ratio is currently 3.3 days. Approximately 3.5% of the shares of the stock are short sold. Approximately 3.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 839,521 shares, the days-to-cover ratio is currently 3.3 days.

Analysts Set New Price Targets

SKYX has been the subject of several recent analyst reports. Litchfield Hills Research began coverage on shares of SKYX Platforms in a report on Friday, October 17th. They issued a “buy” rating and a $5.00 price target for the company. Wall Street Zen upgraded shares of SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SKYX Platforms in a report on Wednesday, October 8th. Finally, Roth Capital raised SKYX Platforms to a “strong-buy” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SKYX. Intech Investment Management LLC acquired a new position in shares of SKYX Platforms during the 2nd quarter valued at about $32,000. Invesco Ltd. acquired a new position in SKYX Platforms in the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of SKYX Platforms in the 2nd quarter valued at approximately $35,000. JPMorgan Chase & Co. increased its holdings in shares of SKYX Platforms by 31.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 40,088 shares of the company’s stock worth $45,000 after buying an additional 9,647 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of SKYX Platforms during the 3rd quarter valued at approximately $47,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

SKYX Platforms Trading Up 5.9%

Shares of NASDAQ SKYX opened at $2.53 on Tuesday. The stock has a market cap of $287.79 million, a PE ratio of -7.23 and a beta of -3,945.51. SKYX Platforms has a 12-month low of $0.88 and a 12-month high of $2.57. The company has a 50-day moving average of $2.14 and a 200 day moving average of $1.55.

SKYX Platforms (NASDAQ:SKYX) last issued its earnings results on Wednesday, November 12th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The company had revenue of $23.89 million for the quarter, compared to analyst estimates of $24.45 million. On average, sell-side analysts forecast that SKYX Platforms will post -0.34 EPS for the current fiscal year.

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.