SKYX Platforms (NASDAQ:SKYX) Shares Up 2.1% – Should You Buy?

SKYX Platforms Corp. (NASDAQ:SKYX) shares shot up 2.1% during mid-day trading on Tuesday . The stock traded as high as $2.02 and last traded at $1.97. 971,771 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 854,737 shares. The stock had previously closed at $1.93.

Wall Street Analysts Forecast Growth

SKYX has been the topic of a number of recent research reports. Roth Mkm reiterated a “buy” rating and issued a $5.00 price objective (up from $4.25) on shares of SKYX Platforms in a report on Thursday, January 22nd. Wall Street Zen raised SKYX Platforms from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SKYX Platforms in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.00.

SKYX Platforms Stock Up 2.1%

The stock has a market capitalization of $239.37 million, a PE ratio of -5.63 and a beta of -3,941.08. The firm has a 50 day moving average price of $2.28 and a 200 day moving average price of $1.81.

Hedge Funds Weigh In On SKYX Platforms

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYX. Vise Technologies Inc. bought a new position in shares of SKYX Platforms in the fourth quarter worth approximately $35,000. Quadrature Capital Ltd increased its stake in SKYX Platforms by 50.5% during the 4th quarter. Quadrature Capital Ltd now owns 22,577 shares of the company’s stock valued at $49,000 after purchasing an additional 7,575 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of SKYX Platforms during the fourth quarter valued at approximately $49,000. Intech Investment Management LLC purchased a new stake in SKYX Platforms during the 2nd quarter valued at $32,000. Finally, Invesco Ltd. bought a new stake in SKYX Platforms in the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 11.79% of the company’s stock.

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.